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Top 5 Benefits of an FHA Loan
You can still barrow close to 97% of the total home value. You will have to have 3.5% reserved for a down payment The barrower doesn’t have to have an established credit history. FHA home loans can be used for new home purchase not just streamline refinance. There are no minimum credit score requirements. If you have 620 or more you are a candidate. FHA has a 203(K) loan program... [Read more]
Required documents for getting an FHA mortgage home loan in Surprise Arizona
The following is a list of documents that most likely will be required by the lender to process your FHA mortgage when a · One full month’s worth of paystubs showing Year to Date earnings · Last 2 years W-2’s · For Self Employed Borrowers; Last 2 years tax returns with all schedules · Last two months bank statement · Current statements that identifies all investment accounts... [Read more]
FHA Verses Conventional
There are several advantages in FHA over Conventional home loans, the main reason is the credit qualifying criteria for the barrower, and it’s not as strict as with the conventional loan financing. The down payment required is much less and of the tax credit is a bonus when it comes to first time homebuyers. One plus with FHA loans is that it will allow the borrower who has had a few “credit... [Read more]
Tax Credit Extended Until April 2010
Great news for first time home buyers, the tax credit has been extended! The first time home buyer tax credit deadline has been extended for loans purchased through April 2010. The credit for first time home remains at $8000, and all other home buyers could be eligible for up to $6500. Note, the income limits to qualify for the credits was increased too! This will allow for more buyers to... [Read more]
Why Should I consider an FHA Home Loan?
There are many reasons for homebuyers to investigate an FHA home purchase. First time homebuyers should explore FHA loan options because it’s easier to qualify for an FHA home mortgage. Your loan is guaranteed by the government, making your application more attractive to lenders. Since the typical first-time FHA home loan applicant is young and in the early phases of their careers, chances are they... [Read more]
