Why get a FHA Home Loan ?
Whether you are buying a house or refinancing your home, FHA home mortgages can help you in many ways. For home buyers, FHA home mortgage loans offer you the ability to put down as little as 3.5% of the purchase price (this money can be a gift) and you can even finance the closing costs. This alone has helped millions of home buyers buy the home of there dreams with out breaking the bank! FHA loans also offer low fixed rates around 5.00%. A low fixed interest rate means a lower monthly mortgage payment and if you desire to take additional cash out of the equity in your home, FHA insured mortgages allow you to refinance up to 97% of your homes appraised value; a very helpful option in a declining real estate market.
Qualifying for FHA Home Loans...
FHA Mortgages are not hard to qualify for. The minimum credit score required to qualify is normally 600 but many people are finding they can qualify with a credit score as low as 560. FHA qualification guidelines tend to be more lenient than those of a conventional mortgage loan which normally require a 700 credit score. You may be able to qualify for a FHA loan if you have missed mortgage payments in the past, have had trouble with creditors or don't have enough equity for a conventional mortgage.
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See if you qualify for a FHA mortgage |
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FHA Credit Guidelines |
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Have insufficient credit? - read this |
First time home-buyer tax credit news...
As you may already know, first-time home buyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit:
- Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
- Applies only to homes used as a taxpayer's principal residence.
- Is for 1st time home buyers - A first time home buyer is defined as someone who has not purchased a home with in 3 years.
Fist Time Home Buyer Tax Credit Extension...
Due to recent signs that home sales may be slowing down, Senate has finally agreed to extend the tax credit past it's original expiration date of Dec1 - 2009. Many of the details are still being worked out and there is speculation that the Tax Credit may be extend to not only first time home-buyers but to non-first time home buyers as well. We will proved more information as this matter develops.
. Click here for more first time home buyer tax credit information.
Click here to see if you qualify for the Tax CreditWant to Buy a House-FHA Makes it Easy...
Buying a home is a great idea, especially now when home prices and mortgage rates are both at historic lows. FHA home loans are very helpful when purchasing a home because unlike conventional loans that normally require a 20% down payment with a credit score of 680 or better, FHA home mortgages only require a down payment of 3.5% with a credit score down to 580. Also, FHA rates are just as low as conventional rates which is a main reason why FHA mortgages make buying a home much more realistic and affordable.
The FHA's goal is to make buying a home easy, safe and affordable. The Federal Housing Administration has helped over 35 million Americans qualify and purchase a home at a low fixed interest rate. Since the FHA was created in 1934 it has worked diligently help home buyers who can afford to buy a home...Get a Home. Read More about buying a house with a FHA home mortgage loan...
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Pre-qualify for a home mortgage |
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FHA down payment help |
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1st time home buyer tax credit |
