Florida's Tampa Bay area real estate listings and homes for sale, home buying, home selling, real estate blog, information

FLORIDA'S REAL ESTATE BLOG

FHA LOANS MAY BE THE ANSWER FOR TODAY'S BUYERS

September 11th, 2007 9:00 PM

FEDERAL HOUSING ADMINISTRATION LOANS may be the answer to the home loan desires of todays' buyer. The FHA was established in 1934 under the National Housing Act and is part of the Federal Department of Housing and Urban Development (HUD). The guidelines have been evolving over the years, however, one thing all buyers want to hear about is the "low down payment" requirements. The borrower must have 3% of the sales price into the transaction, the funds must be verified, and gifts from a family member are acceptable when verified according to the FHA guidelines. Down Payment Assistant programs may also qualify. An FHA approved lender processes and underwrites the loan. Credit approval is also required yet there is some flexibility based on the strength of the borrower's credit history and assets. FHA does allow borrowers with no credit score to "Build" a credit report with alternative types of credit references and letters, AND sellers may be able to contribute up to 6% in closing costs. FHA loan rates are generally lower than conventional rates. This is just a brief overview, there are maximum loan amounts established by county. Please give me a call today for more details and to find out if an FHA loan may be the way for you to own a home. I have personally purchased homes with the help of FHA loans, my first in 1986 ..... it was a dream come true. Let's make a dream come true for you too !!! Call me at 727-692-8685 or email your questions to dtrugman@tampabay.rr.com

Posted by Joanne Trugman on September 11th, 2007 9:00 PMPost a Comment (0)