Why an FHA loan?

September 2, 2008

Just as rising home prices generate homeowner equity, falling prices destroy it.  Today there are currently no zero-down loans anymore except for VA loans for Veterans and the USDA rural area loans.  FHA loans remain available at 3 percent down for lower loan amounts and conventional loans now generally require 10 % down. Any loan today that is not touched by one of the Federal Agencies will have a required down payment larger than 10 %.  So, Why an FHA loan? 

Borrow up to 97.75% of the home value.

Interest rate not based upon credit score

Less than perfect credit allowed

Seller concession of 6% towards borrowers closing costs

Non-occupying co-borrowers allowed

Part time income less than 2 years allowed

Loans for borrowers with no fico

High debt to income ratios

Gift funds allowed from a relative

Free streamline refinance to lower rate after first closing 

The Jim Soda group is here to make sure that every single transaction gets the financing they need!


One Response to “Why an FHA loan?”

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