The New FHA Loan Programs - Buy For Nothing Down!
We all know the mortgage industry has gone through a melt-down. Property values have sharply decreased. Many people are "upside-down" in their mortgage, owing more than the property is now worth, and they are walking away from their properties. Foreclosures are at an all-time high. But for you as a buyer or investor, this is a time of great opportunity! Snap up properties now cheaply! And the federal government has responded to the crisis by increasing loan limits for FHA loans.
An FHA loan is backed by HUD, the U.S. Department of Housing & Urban Development. Since the government backs these loans, lenders have less risk exposure, so interest rates and qualifying guidelines are more lenient. FHA now even offers a loan for 100% or property price, and includes money to pay all closing costs!
Depending on your credit score, you may qualify for the 100% FHA loan. It requires a minimum credit score of 660. Their 97% loan requires 580 credit score. And with a 550 credit score you may qualify for their 95% loan.
If you are a veteran FHA has special programs for you. The Veterans Administration also offers a VA loan for up to 100% financing of a home, and they will allow you to purchase a multiple-unit dwelling, too. To obtain your Certificate of Eligibility for a VA loan, contact the VA. You will need a copy of your DD-214 military discharge certificate.
FHA also offers loans to refinance an existing mortgage, so you can get out of your old higher-interest fixed-rate or adjustable-rate mortgage (ARM) and into a loan with lower and more affordable monthly payments.
Contact a licensed mortgage broker for more information on these exciting new FHA mortgage programs!
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