Gaining a clear explanation on these government home loans is really quite simple. You may be surprised to know that the FHA products are actually the smoothest type mortgage for you to be approved for.
Their down payment guidelines are flexible and low. For example, all you need is 3.5% down compared to the 10-20% required for conventional mortgages. There are even some no down payment options.
I love how flexible they are. Their credit requirements are not as stiff. They are even flexible with how you show creditworthiness.
If you think you are ready, be sure to get a loan that works well with first time home buyers.
If you are buying a home for the first time, you need to check out these government programs. The government, through FHA, has contributed for years to the home ownership process for first time buyers.
Even though they are flexible, they do have some basic mortgage requirements for you to qualify. Take a look at the list below to see if you can meet them. If you do, it will be as if you are handed the keys to your first house.
Considering these key requirements may appear easy right? Keep in mind these are just the basic FHA loan requirements. There are more, but if you can meet this simple list, you are well positioned to qualifying for that first loan.
Would you like to understand the various type of programs to choose from?
Perhaps you would like to know more about zero down home loans if you don't have the 3.5% saved for the FHA products.
Do you have more questions? Check out this FHA forum to get your questions resolved. Go ahead....pick my brain!
Go to House Buyer Solutions Home Page.
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Hello, I have a question regarding USDA vs. FHA home loans. I am in the process of getting a home in the next month but was told I wouldn't be approved
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