I think in some circles, FHA loans have a tainted reputation and one that is not deserved in today’s market. A FHA loan allows a buyer to purchase with as little as a 3.5% down payment. Additionally, this money can be a gift, something not allowed in Conventional loans. It is also the only loan in today’s market that will allow for a non-occupying co-borrower. You can have slightly lower credit scores than those required by Conventional loans, with the minimum being 640. FHA loans are also assumable. With FHA, the seller may pay part of the traditional closing costs associated with purchasing a home. This allows buyers with limited funds to qualify and expands the pool of potential buyers in the market. What will be surprising to some, is that FHA loans are not just for first time buyers. In fact, they may be used for refinancing your current home. There is one drawback. FHA limits the loan size to $271,050. Some people think FHA makes the process difficult. Not so! I just had a young couple purchase a home with a FHA loan. The lender called and asked if we wanted to move the 30 day close up a week. The papers were in and approved. We did just that and everyone was extremely happy. Please talk to your lender about FHA financing if you think it might be a fit for your situation!
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