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FHA Mortgages
An
FHA Loan is a loan that is insured by the Federal
Housing Administration, a division of the
Department of Housing and Urban Development.
FHA loans encourage lenders to make more loans
to homebuyers who might otherwise not qualify
for home financing.
What this means to you is more flexible credit
guidelines.
Check below to see if you meet any of
the criteria outlined:
- Good
credit for the last 12 months -
previous
credit problems are usually not an issue.
- Currently
in Chapter 13 bankruptcy (Debtor's Court)
and paying on time.
- Chapter
7 bankruptcy discharged at least 2 years ago.
In addition to
being very forgiving with credit,
an FHA loan
entitles you to shop for a home up to the area's
market limit, and there is no income limitation
requirement.
Other benefits of an FHA loan are . . .
- Market
rate loans.
- All
closing costs can be paid for by the
seller.
- Only
3% down payment from borrower.
- Down
payment can be a gift from a relative.
-
Portion of closing costs can be
financed by the borrower.
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