FHA loans are one of the best loan programs available for first time buyers and move up buyers. They offer low down payment solutions and incredibly low rates compared to other loan programs. FHA loans allow for debt ratios up to 56.99% which translates to more buying power for you.
Most FHA loans only require 3.5% down payment and also allow for the seller to pay up to 6% of the purchase price towards buyers closing costs and pre-paid items such as taxes and insurance. The down payment can be a gift from a relative, and often times a buyer can move into a house with very little if any down payment.
Here are Coast2Coast Mortgage we have access to a unique loan program called the FHA 100 program which allows for a forgivable second mortgage to cover your down payment. Please ask a loan originator for details.
If you live in a disaster area affected by a recent hurricane, you could be eligible for the 100% financed FHA 203H program. This program is for victims of the hurricane both owners of a home as well as a tenant that was renting a home damaged by the hurricane to obtain up to 100% financing on a home. Please ask us about this if you were affected by hurricane damage in a Presidentially declared disaster area.
As FHA Loan specialists we can help you understand any new changes to the FHA loan program. We're here to create a customized solution that works best for you and your family. To learn more call us at 888-456-9796 or contact us via email by clicking here.
These materials are not from HUD or FHA and were not approved by HUD or a government agency.