Visit Our Mortgage Home Page For FHA Mortgage Quotes!

The FHA Loan is commonly referred to as the first time home buyer mortgage.

Of course a first time buyer can use an Fha loan to purchase a home but you can use the fha loan even if you had one before or you currently have one.

The benefits of an fha loan.

A major benefit for a first time buyers is that it allows for 6 % sellers contribution and only a3 % down payment. This means that the home seller can pay up to 6% of the sales price of the home and the funds can be used towards the FHA borrowers closing cost, prepaid's and any points. The minimum amount the fha buyer has to have in the transaction is 3% of the sales price. The fha down payment can be a gift from a close family member or employer. It usually may not be a loan and a gift letter for the fha down payment is required.

If you currently have an fha loan you can use the fha product to purchase a new home

This may apply if either you sell your current home or out grow/relocate from the current residence. This rule can vary so a well qualified mortgage originated should be consulted before you determine if a fha loan is appropriate for your situation.

The credit requirements for a FHA loan can be very lenient compared to other mortgage products.

They allow for previous derogatory credit to be repaired and a lower credit score to qualify (compared to a conventional mortgage)). If you have no credit the FHA Loan allows for alternative credit like cell phone, pager, insurance, rental etc. to be used. Once again it all depends on your specific situation so a speak to a good loan officer to find out whether your credit qualifies for a fha loan.

Visit Our Mortgage Home Page For FHA Mortgage Quotes!

Utilizing this web site is agreement  to our privacy policy. This is not an advertisement for credit as defined by paragraph 226.24 of regulation Z. There is no Mortgage rate guarantee for all applicants . information is not intended to be used as investment advice. Please contact a competent and well qualified loan officer by submitting an Bad Credit mortgage quote request online in order to get up to date and pertinent bad credit mortgage information.