Buy a Home with an FHA Loan

FHA World -  FHA Loan

Buy a Home with an FHA loan. First-time home buyers and home buyers with less than perfect credit can take advantage of easier qualifying standards from FHA. To qualify for an FHA loan you must have a minimum credit score of 580 for 3.50% down payment. Credit scores below 580 will require a 10% down payment and tougher guidelines.

FHA World -  Buying a Home in Florida

The following are just some of the reasons FHA loans are popular again:

data-custom-mark="true"Minimal Down Payment and Closing Costs

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• data-custom-mark="true"Downpayment less than 3.5% of Sales Price
• data-custom-mark="true"Gift for downpayment and closing costs allowed.
• data-custom-mark="true"No reserves required.
• data-custom-mark="true"FHA regulated closing costs.
• data-custom-mark="true"Seller can credit up to 6% of sales price towards buyers costs.

data-custom-mark="true"Easier Credit Qualifying Guidelines

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• data-custom-mark="true"Minimum FICO credit score of 600.
• data-custom-mark="true"FHA will allow a home purchase two years after a Bankruptcy.
• data-custom-mark="true"FHA will allow a home purchase  three years after a Foreclosure. 

data-custom-mark="true"Easier Debt Ratio & Job Requirement Guidelines

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• data-custom-mark="true"Higher Debt Ratio's than other home loan programs.
• data-custom-mark="true"Less than two years on the job is allowed.
• data-custom-mark="true"Self-Employed individuals o.k.