If you have a minimum 580 credit score you can qualify for an FHA loan with just 3.5% down. For a $200,000 house that means you will just need $7,000 for your downpayment. The best thing for first-time home buyers is that your downpayment for an FHA loan can be a gift from a family member or friend.
FHA Loan is now the most popular loan for First Time Home Buyers in Refinance Programs Purchasing a home is one of life’s major landmarks and for some, it is even a dream come true. We understand the magnitude of this decision and it is our goal to make your transition into home ownership unforgettable.
You do not have to be a first-time home buyer for either FHA or USDA. However, for both loan types, you can’t own adequate housing within a reasonable distance of the home being purchased.
First Time Home Buyers Know the Basics and Improve Your FHA Loan Chances. As a first-time homebuyer, there might be a lot of unknowns. Whether it’s the mortgage lingo, type of home loans, or even down payment requirements, the flood of new information can be overwhelming.
Foreclosure starts rise as moratoria in Texas and Florida end Foreclosures, Inventories Move Higher as Hurricane Moratorium Ends. As a result, foreclosure starts rose sharply in January, hitting a 12-month high at 62,300 for the month. This also caused a surge in the foreclosure inventory of 6,000 loans, only the second month-over-month increase in the last five years.
FHA Loans, Down Payments, and First Time Home Buyers. Borrowers should know that the FHA does not offer down payment assistance. While it is true that FHA single family loan program requires a lower down payment than many conventional lenders (3.5% compared to 20% or better in some cases) it cannot offer down payment grants or assistance.
The History of FHA Loans. Becoming an FHA first time home buyer isn’t a new deal. The FHA loan was first introduced on the back of the Great Depression. The US government formed the FHA to provide insurance to banks, so they would offer real estate loans.
Do you want to become a homeowner today so that you can enjoy very low interest rates and increasing home prices? As of early 2017, the housing market is getting stronger, and it is a good time to buy your first home. One of the most popular ways to buy a first home today is with an FHA mortgage loan.