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Want to Buy Your First Home?  This Is
Probably the Best Way!

Why Use an FHA Loan?

Down Payment - This is usually the most important reason why borrowers choose to use a FHA loan to buy a home.  This can be as low as 3% and can be in the form of a gift or non recourse loan from a relative or friend.  The funds must be verified by bank statements.  You can also use a down payment assistance program to secure the funds for both the down payment and for costs.

Income qualification -  This is also a fantastic reason for using a FHA loan.  You can usually go as high as 45% debt to income to qualify for the loan.  You must have had a 2 year work history, however, with FHA that may have been with different companies over that 2 year period.

Credit qualification - An FHA loan can usually be obtained with a 620 FICO score as opposed to a 680 score with most conventional loans.  This is important with most new potential homebuyers as they may not have obtained enough "good" credit become qualified.  In SOME cases you may be one year out of a Chapter 13 bankruptcy.

Non-Occupying Co-Borrowers -  A young couple may not have the income to qualify for a new home however, with the help of their parents they may be able to income qualfy for the loan.  The credit of BOTH families will be used to qualify.  However, the secondary borrowers do not have to live in the property.
Other FHA Highlights  

Loan Costs Assistance - The borrower may be eligible to recieve assistance from the seller, builder and/or realtor to cover the costs of the purchase of the home and loan itself.  This can be up to 6% of the purchase price of the home.

FHA Insurance Premiums -  Yes, there is a trade off for all of these extras.  You will be required to pay both an upfront mortgage insurance premium (UFMIP) and a monthy mortgage insurance premium.  The UFMIP can be wrapped up in the loan and paid down with it.

Streamline FHA Refinance - If rates should happen to fall after your loan funds you may be eligible for new refinance with no income qualification and no appraisal.  You must be current on your loan and there may be no new liens against the property.

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