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FHA is Here to Stay
Written by Carter Scott & Thad Wise, Bank of America   
Thursday, 20 November 2008 00:00
In today’s changing lending industry, one loan program is here to stay… FHA Financing!  Sponsored by the Federal Housing Administration, FHA loans allow borrowers the opportunity to purchase homes with minimal down payments.  FHA Financing has been available for years, but was put on the back burner for more aggressive conventional loan products in previous years.  With conventional 100% financing options having gone away during the credit crunch, conventional loan products require a minimum of 5% down payment and most of these loan products have mortgage insurance (PMI).  FHA loans are considered to be a conservative option for borrowers looking to purchase homes with only 3% down payment (great for first-time home buyers).  Below are some of the details about FHA Financing (Click link for another article):  Freddie Mac
  • Up to 97% financing allowed
  • Offers 30-year fixed rate mortgages with very competitive rates (Adjustable rate and buy-down options are available)
  • Gift funds from immediate family members are allowed
  • Freddie Mac and Fannie Mae have raised the loan amounts for qualified borrowers up to $729,000 in high cost areas
  • There is no minimum credit score requirement under current FHA guidelines
  • Flexible underwriting guidelines for first-time home buyers
  • Non-occupied co-signers are allowed for qualification
  • Available to first-time home buyers and past home buyers
To learn more about FHA products or to receive a FREE pre-approval, contact Carter Scott, (703) 725-9041 mobile, or Thad Wise, (703) 350-1733 mobile.  Learn how Bank of America and the Cook and Zook Team can get you into a home with the best rates available!