1. You can still barrow close to 97% of the total home value. You will have to have 3.5% reserved for a down payment
2. The barrower doesn’t have to have an established credit history.
3. FHA home loans can be used for new home purchase not just streamline refinance.
4. There are no minimum credit score requirements.  If you have 620 or more you are a candidate.
5. FHA has a 203(K) loan program for homes that are in need to be fixed up.  Great for investments.

Jennifer Lampe specializes in FHA loans, mortgage loans, and refinances loans in Surprise, Glendale, Peoria and most areas in Phoenix Arizona.   I am licensed to do loans in 48 states, contact me today for a free analysis.

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 with all pages

· Written explanation for any credit derogatories on your report

· If filed Bankruptcy, a copy of the discharge paperwork

· Copy of your Drivers License and Social Security Cards

· Name, Address and phone number of your Landlord for the past 12 months

· Copy of your Sales Contract with Listing and Selling Agent phone Numbers

Contact me for more information and to discover if FHA is right for your next home loan.

Jennifer Lampe specializes in FHA loans, mortgage loans, and refinances loans in Surprise, Glendale, Peoria and most areas in Phoenix Arizona.   I am licensed to do loans in 48 states, contact me today for a free analysis.

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 problems” or those without much of a credit history to buy a home. An FHA Underwriter will require a reasonable explanation of these derogatories, but will approach a person’s credit history with common sense credit underwriting.

Contact me for more information and to discover if FHA is right for your next home loan.

Jennifer Lampe specializes in FHA loans, mortgage loans, and refinances loans in Surprise, Glendale, Peoria and most areas in Phoenix Arizona.   I am licensed to do loans in 48 states, contact me today for a free analysis.

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 qualify, and hopefully boost home purchase.

Jennifer Lampe specializes in FHA loans, mortgage loans, and refinances loans in Surprise, Glendale, Peoria and most areas in Phoenix Arizona.   I am licensed to do loans in 48 states, contact me today for a free analysis.