FHA Home Loans - up to 100% Financing

FHA Offers Higher Loan Amounts

Borrowers who have lower credit scores from 580 and higher are eligible for fha loans along with other approval conditions. FHA only underwrites and provides loans to borrowers who can furnish full documentation of income and assets. So do not be confused that stated income loans are used by FHA.

The U.S. Department of Housing and Urban Development (HUD) has recently increased FHA loan limits resulting in a home loan program that is a great opportunity for many borrowers around the country. This is due in large part to the government's Stimulus Package. FHA guidelines typicalyl do not have credit score conditions, but now a FICO credit score of 580 has become the minimum accepted for loan approval. FHA features attractive fixed rates when compared side by side to fannie mae and freddie mac programs and is considerably more attractive than subprime loans for low score borrowers as well as prime credit borrowers. Moreover, FHA is one of the only programs that will still permit you to buy your primary residence home with zero closing costs or down payment at closing.

The FHA Nehemiah Program

Some people have multiple debts which include high interest credit cards, loans and mortgages. To pay off one debt you may need to borrow elsewhere, creating yet another debt. The solution to this problem is a debt consolidation mortgage loan. This type of loan can help you consolidate your debts and lower your overall payments by eliminating the monthly credit card payments and other debts such as auto loans, student loans, etc. By doing this, you are taking the initial step to improve your credit scores. Did you know that anytime you owe more than fifty percent of your available credit card balances, you are actually reducing your credit report scores.

Reasons to get an FHA Mortgage

You don't have a large amount of money for a down payment and you're a first-time homebuyer
You want to keep your monthly payments as low as possible.
You don't have an excellent credit history and have low credit scores.

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   Investors and Buyers, and Homeowners use the FHA 203k Rehab Loan to fix properties that need improvements