FHA loans feature low down payments and
flexible guidelines to make it easier to
qualify! FHA loans are popular with first
time homebuyers but they can be equally
attractive to move-up buyers and homeowners
looking for a home improvement loan.
With an FHA loan you can borrow up to 97% of
the purchase price of the home. Please keep
in mind that the loan will be based on the
purchase price or the appraised value,
whatever is the lesser amount.
The advantages of a HUD-FHA insured mortgage
product to a homebuyer are many fold. A
homebuyer may apply for a HUD-FHA insured
mortgage and purchase a home with little or
no out of pocket expense! FHA mortgage
insurance permits lenders to make mortgages
for first time homebuyers without risk.
There are no income limits or credit scoring
with an HUD-FHA insured mortgage, so most
anyone can qualify as long as they have a
reasonable credit history and can afford the
monthly mortgage payments. You can also
combine FHA mortgage programs with many
first time homebuyer grants or down payment
assistance programs offered by other
agencies.
The main advantage to a FHA home loan is
that the credit criteria for a borrower are
not as strict as FNMA or FHLMC. Someone who
may have had a few credit problems should
not have a problem obtaining FHA financing.
Also, FHA home loans are assumable, allowing
a person to take over the mortgage without
the additional cost of obtaining a new loan.
In addition, the seller must pay for part of
the "traditional" closing costs (called
non-allowable costs) while a borrower's
allowable costs can partially be wrapped
into the loan. 100% of the down payment and
closing costs can be gifted
Brown Lending can help you buy, refinance or
rehabilitate a home. Contact us if you want
to find out more about first time homebuyer
loans, home improvement financing or reverse
mortgages. At Brown Lending, we know that
arranging financing can be a bit confusing.
That's why we pride ourselves on our
outstanding service that can help you take
advantage of all of the opportunities
government home loans offer. Both existing
new homebuyers and existing homeowners can
benefit from federal loan programs
The main advantage to a FHA home loan is
that the credit criteria for a borrower are
not as strict as FNMA or FHLMC. Someone who
may have had a few credit problems should
not have a problem obtaining FHA financing.
Also, FHA home loans are assumable, allowing
a person to take over the mortgage without
the additional cost of obtaining a new loan.
In addition, the seller must pay for part of
the "traditional" closing costs (called
non-allowable costs) while a borrower's
allowable costs can partially be wrapped
into the loan. 100% of the down payment and
closing costs can be gifted.
Check with us for more details on the HUD
reverse mortgage program. Homeowners 62
years of age and older with paid off
mortgages or low mortgage balances can
receive periodic payments, borrowed against
their equity. Repayment occurs when the
house is sold, so older homeowners can use
this equity for monthly living expenses,
medical expenses and other financial needs.
Let us help take the confusion out of home
financing. You can submit your application
information to us online or over the
telephone, and we will assist you with
submitting and processing your application
for financing. Our online mortgage service
can help you take advantage of the financing
programs that best suit your needs.
