FHA Purchase Guidelines

FHA Purchase

FHA loans have been helping people become homeowners since 1934.

1. FHA purchase loan. A perfect credit score is not needed for an FHA loan approval. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to get an FHA loan. FHA allows home buyers 3.50% down payment and you can finance up to 6% for closing costs with only a 580 Credit Score.

2. First time home buyer mortgage. Minimum credit score of 580 allows you to put down only 3.50%. Seller concession of 6% to finance your closing cost. Buy a $150,000.00 house with only $5,250.00.

3. Lease with option to buy mortgage. Lease with option to buy allows a renter to buy the property they are renting. A lease option mortgage allows for sellers credit. No money down mortgage option.

4. FHA 203k mortgage loan. Rehab a Home with a HUD 203k Rehab Program. The FHA 203k program makes it easy for borrowers to purchase and remodel a property, and for current homeowners rehab your home with one loan.

5. Gift of equity mortgage loan. A gift of equity is a transfer of ownership of a property to a family member or someone. Gift of equity down payment and gift funds requirements.

6. FHA down payment. FHA requires a minimum down payment of 3.50% of the purchase price. The funds may be the borrower's own funds, a gift from a family member, rent credit or borrowed.

7. FHA closing cost. FHA regulates some of the closing costs associated with a FHA loan. FHA allows the seller to pay up to 6% of the sales price for closing cost.

8. FHA credit. FHA announced a set of policy changes to strengthen the FHA. The changes announced are the latest in a series of changes enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.

9. 30 year fixed rate mortgage. One of the most popular types of mortgages is the 30-year fixed-rate mortgage. This loan is usually the easiest to qualify for and provides the maximum interest deduction at tax time. The interest rate stays the same over the life of the loan which provides unchanging low monthly payments.

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