FHA Home Buyer Loans

The FHA Home Loan Program was created with home buyers in mind.  It offers every FHA home buyer the same opportunities regardless of income, credit score or the state your live in.  The FHA program is really all about helping home buyers become homeowners; whether you're in Alabama or call your home North Carolina. 

The FHA home buyer program truly makes purchasing a home easier, more affordable and much more secure than virtually any other mortgage program available today. Why not give us a call our use our fast and easy Quick Mortgage Application to see if you qualify for an FHA loan!

FHA Home Purchase Requirements

FHA offers prospective buyers easier qualifying guidelines;

• No Minimum Credit Score Requirements;
• You Don't Have To Be A First Time Buyer To Qualify;
• The FHA Loan Allows A Home Purchase As Early As Two Years After Bankruptcy and Provides A Great Rate;
• You Can Buy A Home In As Little As Three Years After A Foreclosure.

Easier job requirements and flexible debt ratios for buyers who us the FHA program;

• The FHA Loan Provides For More Flexible Debt Ratios Including Higher Home Payment Ratios and Higher Combined Debt Ratios Than You'll Get Using A More Conventional Loan;
• Less Than Two Years Employment Acceptable; Continued Education Counts As Prior Employment;
• Self Employment Does Not Disqualify You From The FHA Loan Program.

Lower down payments and closing costs;

• Down Payments As Low As 3% of The Purchase Price;
• The FHA Loan Program Allows The Use of Grants To Pay Both Closing Costs And Your Down Payment;
• The Use of A Gift From A Parent, Relative, Friend, or Employer, Are All Acceptable Down Payment Sources;
• No Cash Reserves Required of FHA Home Buyers;
• Closing-Cost Are Regulated By The FHA
• A Home Seller Can Pay Up To 6% of The Sales Price Towards Your Closing Costs Unlike Conventional Financing Which Can Restrict Seller Paid Closing Costs!

These are just a few of the many advantages afforded to Home Buyers who utilize the FHA Loan to purchase a home.  The FHA mortgage program is one of the best options available to todays home buyers whether you're looking to purchase in Tennessee or your dream home is located in Missouri.  To learn more about qualifying for an FHA loan, give us a call or simply complete our Quick Mortgage Application and an FHA specialist will promptly return your call.

Purchase Loans And The FHA Program

Contrary to popular belief, the FHA loan program is not a rigid program controlled by bureaucrats whose only objective is to make your life miserable. The FHA program has received an unwarranted reputation as "Slow" and "Expensive." Really, these "rumors" about the FHA program are fostered by firms that can't qualify through HUD to originate the FHA loan and want to keep home buyers like you from using the FHA program.  

If you apply with Lifestyle-Mortgage.com, your loan will be underwritten using the same automated system used to approve conventional loans. That's right! No government official reviews your file for 3 or 6 months before you know an answer! If you're not approved via the automated system, unlike conventional loans, your file can be manually underwritten and have exceptions made to any issues that "Flagged" your loan as being outside of the underwriting parameters established for the FHA purchase program.

This happens all the time for those with "Credit Dings" and why those with credit dings can buy the same home someone with a 714 credit score purchased, and buy in the same neighborhood. Chances are, your neighbor with an FHA loan has an Interest Rate as low or lower than the neighbor with a conventional loan; and they have a government insured loan that offers them more Affordable pre-foreclosure solutions than you'll ever get with a traditional mortgage! That's protection, that has value.

As a home buyer today, It doesn't sound like this is something you need to consider. However, when you lose your job and your choice is feeding your kids or paying your mortgage, having the knowledge that you have the ability to create affordable repayment solutions 3 months after you've lost your job can mean the difference between keeping and losing your home! There really are a lot of reasons to use the FHA loan to purchase your next home, this is just one more.

The fact is, anyone can apply and get qualified for an FHA mortgage regardless of whether you have owned a home before or are considering the purchase of your first home. The turnaround time for closing an FHA loan can be as little as one week, with a typical average closing time of 30 days from application regardless of whether we get an approval via automated underwriting or through a manually underwritten purchase files. Really, the time difference is virtually non-existent when you look at qualifying factors only!

There really is no reason, as a home buyer, for you not to use the FHA loan program to finance your home purchase! Give us a call today to learn more, or, just use our Quick Mortgage Application to have one of our specialist call you at a later time.

FHA Property Types and Financing Options

The type of homes you can purchase using an FHA loan vary and can include;

• Single-family homes
• Mobile Homes With Land
• Duplexes
• Tri-plex
• Four-plex
• Condos (condominiums)
• Townhouse (Townhomes)

For the purchase program, the FHA offers the following three flavors of financing options;

• 15 and 30 year Fixed Rate loans
• Adjustable Rate Mortgage
• FHA 2/1 Buy-Down loan

Why not call a Lifestyle-Mortgage.com loan representative today to find out more about buying your next home using the FHA loan program! Just use our fast and easy Quick Mortgage Application.