First Time Home Buyers

When you apply for the FHA First Time Home Buyers program you get the very best service and the utmost in respect to make you a proud American Homeowner. Once you apply your FHA Loan Officer will guide you along the path of homeownership. As long as you listen to your FHA Loan Officer and do as instructed you will be a new American Homeowner without question.

But you must work with your Loan Officer and together your dream of homeownership will come true. Keep in mind we will match you with the best FHA Loan Officer we can find and it is their job to help you so feel free to ask them any questions or concerns you might have.

The FHA First Time Home Buyers Program:

No minimum credit score – FHA does not have a minimum credit score requirement. The FHA underwriter will evaluate the entire credit profile to determine the borrower’s likelihood of repayment. Past credit issues may be overlooked if new credit has been re-established. Also, other compensating factors may apply.
Bankruptcy okay – Chapter 7 bankruptcies are allowed if discharged over 2 years ago (or 1 year with extenuating circumstances). Chapter 13 bankruptcies are allowed with a minimum of 1 year of on time plan repayment and trustee approval.
Less Money Needed – FHA loans allow the seller to pay up to 6% of the sales price toward the closing costs and only require a 3.5% down payment.
Housing History– FHA does not require a rental or other housing history if it is not available.
Non-occupying co-borrower allowed – FHA allows a non-occupying relative to co-sign the mortgage. The non-occupant’s income and assets can be used for qualification purposes. This is generally used for parents to help their children buy a home.
Property types – 1-4 unit, condos, town homes, modular homes, and manufactured homes (see manufactured homes page )
No cash reserves required – Unlike most conventional loans, FHA does not require you to have cash reserves on 1-2 unit properties. However, having reserves can help strengthen the overall credit profile.

Deciding on an Escrow Account after a Refinance

The monthly mortgage dues of a borrower consist of homeowner’s insurance, private mortgage insurance and property taxes apart from the mortgage principal and interest payments. Lenders require that you pay the insurance amounts and the property taxes in an escrow account held by a third party called escrow services....

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HUD Guidelines for Manufactured Homes

A set of directives prepared by the Department of Housing and Urban Development (HUD) may have served to enhance the quality of manufactured homes. Homebuyers are quite willing to apply for mortgages for this highly affordable quality of housing. Here are the key guiding principles put forward by the...

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