FHA loans continue to be the loan of choice for the majority of first time home buyers, however, there is an upward trend where non first time home buyers are utilizing the FHA mortgage loan option as well. A�A�FHA fixed rate mortgages (15, 20, 25 or 30 year terms) offer a low down payment and provide the security of a fixed payment.A� FHA financing is primarily used by customers with limited funds to close, requiring a minimum investment of 3.5% into the transaction. Conventional Loans require a minimum investment of 5%.A� FHA loans is also more forgiving of credit challenges. Customers finding credit limitations with conventional financing may find a solid alternative through FHA.A�
A�Additional Benefits of FHA loans over Conventional Loans
- Borrowers 3.5% down payment contribution can be gift funds.
- You can obtain a better interest rate with lower credit scores.
- Up to 6% seller concession toward borrowers closing costs.
- Student loans are not counted in the ratios if deferred for 12 months.
- FHA Mortgage Insurance is much lower than Conventional PMI.
- FHA loans are assumable.
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A�Based upon the thorough review of a loan scenario will determine whether an FHA loan or Conventional loan meets the borrowers specific mortgage loan needs.A� Unlike the past, FHA loans are much easier to do and should always be considered as a viable option for potential borrowers that want to limit the amount of funds they put into a real estate transaction.A�
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