FHA Loans are for Everyone

Federal Housing Administration (FHA) was established by the National Housing Act in order to implement FHA financing to make the American Dream of home ownership a reality for more Americans. Unlike local state bond subsidy programs, FHA loans have no maximum income restrictions. Whether a first time purchase or a move up to a bigger home, FHA mortgages require less money down and less income to qualify.

Family Help Appreciated (FHA). FHA guidelines allow home buyers to receive financing assistance from relatives. For example, the entire down payment and or loan fees (such as closing costs) can come from gifted funds in order to help home buyers who are short on cash assets. Relatives can also act as "co-mortgagors" in order to help home buyers who are stretching to qualify for the mortgage payments. To assist younger home buyers who have not established alot of credit, FHA requires only a minimal credit history. Couples who are planning to marry can establish a bridal registry savings account to help them accumulate the down payment assistance necessary for purchasing a home.

FHA loans come in a variety of options including long term fixed rate mortgages. FHA also offers short term adjustable rate mortgages. In addition to the wonderful features noted above, current homeowners may refinance their existing mortgage, regardless of type, into an FHA loan should it be necessary. You can refinance or pay off an FHA loan early or in full without the worry of pre-payment penalties. You can finance properties that fall into the 1-4 family owner occupied class, and credit worthy potential buyers can assume existing FHA mortgages with bank approval and save even more.

If you are interested in this type or loan, or any other loan program that might fit, please feel free to give me a call. You can also visit my website at http://www.daveshelor.com/ for more information.

All First Mortgage products are offered and provided by Prosperity Mortgage Company. Credit subject to loan approval. Prosperity Mortgage Company may not be available in your area. Information is accurate as of the date of publishing and is subject to change without notice. All Rights Reserved.