Uncle Sam to the Rescue!
For years, the Federal Housing Administration has been helping Americans achieve
the dream of home ownership. Since its founding in the 1930�s, the FHA has supported
prospective homeowners and the housing industry as a whole by insuring mortgage
loans against default. With this guarantee, lenders are far more willing to lend
money to borrowers, even those with past credit problems.
Contact a mortgage consultant today to see if FHA can save you money on
your mortgage!
Refinancing too!
FHA programs are also helping those who already have mortgages. Homeowners feeling
squeezed by adjustable rate mortgages are often eligible for FHA refinancing at
more favorable, fixed rates. FHA programs are even available for borrowers who have
fallen behind on payments! Ask your mortgage consultant
for more information and to find out if you qualify.
Not Your Father's FHA
In the wake of the recent housing slowdown, the government has worked with lenders
to dramatically shorten the time needed to get an FHA loan. In addition, legislation
is being fast-tracked through Congress to raise the caps on loan amounts to reflect
market realities. Call to learn more about the
"Quick Close" programs available.
Comparison of FHA versus conventional mortgage programs
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FHA Home Loans
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Conventional Loans
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0 - 3% Down Payment
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5% Down Payment
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Lower Monthly Mortgage Insurance
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Higher Monthly Mortgage Insurance
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Maximum 1% Origination fee
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Unlimited Origination fee
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No Credit Score Requirements
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Credit Scores Required
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Controlled Loan Closing Costs
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No controls on amount or type of loan closing cost.
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Can qualify for loan two years after Bankruptcy
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Must wait four years after bankruptcy to qualify
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Can qualify for loan three years after Foreclosure
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Must wait four years after Foreclosure to qualify
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Higher qualifying Ratio's
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Lower qualifying ratio's
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Seller Can credit up to 6% towards buyers closing costs
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Maximum seller credit is 3% towards buyers closing costs
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Termite Report & Clearance required on all purchases
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Termite Report & Clearance not required on purchases
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Property must meet FHA minimum condition standards
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No property condition standards
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