The FHA loan program was created to help increase homeownership. The FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Some highlights of the FHA loan program are:
Minimal Down Payment and Closing Costs.
Downpayment of as little as 3.5% of Sales Price
Gift for downpayment and closing costs allowed.
No reserves or required.
FHA regulated closing costs.
Seller can credit up to 6% of sales price towards buyers costs.
Easier Credit Qualifying Guidelines such as:
Lower FICO score required.. Typically as low as 620 is acceptable.
FHA will allow a home purchase two to three years after a Bankruptcy.
FHA will allow a home purchase three to four years after a Foreclosure.
