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- Only 3% down payment
- Higher debt ratios
- Relaxed credit requirements
- Multiple borrowers
- Bankruptcy OK
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FHA financing was
created by the Federal Government to stimulate affordable housing purchases
for qualified borrowers. FHA insures 100% of the loan eliminating the
lender's risk. FHA interest rates are extremely competitive with conventional
rates. There are many differences in the way an FHA loan is processed,
and the final lending decision is made.
FHA Funding is your Internet
solution for finding and funding your FHA loan. Unlike many other
lenders who act as a Jack-Of-All-Trades, Masters of none; we are
specialists in the FHA market. Our team of loan agents are specifically
trained to get your FHA loan processed and funded as quickly as
possible. We understand the FHA process because that is all we
do.
Qualifying for an FHA loan can be completely different from a conventional
loan. These differences are designed to provide affordable housing solutions
for more Americans. For example, conventional loans have strict credit
and income guidelines, however, FHA allows more relaxed credit guidelines.
A bankruptcy that was discharged at least 2 years ago is acceptable. The
use of alternative credit (utilities, cable tv, auto or medical insurance
premiums, child care, school tuition, furniture or appliance store accounts)
in lieu of traditional credit is also allowed. Additionally, income requirements
are less restrictive.
Perhaps the most important difference between conventional financing and
an FHA loan is that a 3% down payment is all that's required. With all
of the special features of an FHA loan to consider, it's smart to have
loan reps on your side that know this type of program. At FHA Funding,
that's all we do.
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