Buying a home with a FHA Home Mortgage...
Buying a home is a wonderful idea and opportunity that motivates Americans to work hard and save money with the hope and intentions of securing a sound investment called "Real Estate." FHA home loans make buying and owning a home easy and affordable.
So you have decided to purchase a home and realize that you have some money set aside for a down payment plus a little more for a rainy day; good! - FHA loans were created with YOU in mind. FHA loans are designed to be affordable and safe in lieu of stimulating economic growth and promoting responsible home ownership.
The frist thing you will need to do is qualify for a FHA mortgage which you can easily do by contacting us. The major qualification guidelines for a FHA home loan are: a 620 credit score or better (although you may be able to qualify with a score as low as 580), a 3.5% minimum down payment, 2 active trade lines on credit report and no more than (1) 30 day mortgage late in the past 12 months on credit history. You also can not buy a home with a FHA mortgage is you already have one on let's say another property.
The minimum down payment required of only 3.5% can be a gift from a family member or charitable organization. Click here to see a list of charitable organizations that offer down payment assistance.
When buying a home and qualifying for a FHA loan, you will most likely need a 620 minimum fico score to qualify but in some cases, a lender will be able to qualify you with as low as a 580 credit score.
Click here to see if you qualify for a FHA Home Loan
The beauty of FHA loans is the ability to only put down 3.5% where conventional loans require in most cases 20% down. Another benefit to buying a home with a FHA home loan is that you don't need perfect credit like you may with conventional loans. With FHA loans you only need between a 580 and a 620 credit score to take advantage of fixed rates as low as 5.00% where as with conventional loans you would need around a 680 fico score to get this rate.
