BUYING A HOME USING A FHA LOAN

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 less than 3.5% of Sales Price
• 100% Financing options available*
• 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:

• Minimum FICO credit score of 620.
• FHA will allow a home purchase two years after a Bankruptcy.
• FHA will allow a home purchase  three years after a Foreclosure. 

Easier Debt Ratio & Job Requirement Guidelines such as:

• Higher Debt Ratio's than other home loan programs.
• Less than two years on the job is allowed.
• Self-Employed individuals o.k.

These advantages of the FHA loan program has made it one of the best options for most first time home buyers as well as move-up home buyers.

You do not have to be a first time buyer to obtain a FHA loan, anyone may use a FHA loan as long as you do not have more than one FHA insured loan at any one time.

Following is a list of some the various type of FHA loan programs available. Next to the name of the program is a brief description of the FHA mortgage program.

Once you find a program that best suites your needs, please click on it for a detailed program description 

• Single Family Home - Basic FHA loan program for single family homes.

• Duplex  Triplex  Fourplex - Basic FHA loan program for multi family homes.

• Fixed Rate Loan - Basic FHA fixed rate mortgage loan program.

• Adjustable Loan (ARM) - Basic FHA adjustable rate mortgage loan program.

• Buydown FHA Loans   - Low Start Rate FHA buy-down loan program.

• HUD Homes - Financing for HUD homes with as little as $100 down.

• Officer Next Door - Special 50% discounted homes for officers.

• Teacher Next Door - Special 50% discounted homes for teachers.

• CHDAP - 100% financing option for first time buyers in California.

• Nehemiah - 100% financing option provided by Non-profit organization.

• HART - 100% financing option provided by Non-profit organization.

• CHFA Loans (CHAFA) - 100% financing option for first time buyers in California.

• Access 2000 - 102% financing option for first time buyers.

• 203K - Home improvement & major remodel loan program.