While FHA loans are not just for first-time home buyers, they appeal to this group because of the low down payment. FHA Home Loan – The Best Option for First Time Buyers. – FHA loans are a very popular and affordable choice if you are a first time home buyer. It is a common misunderstanding that FHA loans are only for first time home buyers.
First-time home buyers have a lot of different loans and programs to choose from, including FHA, VA and USDA loans. Discover which are best for you, and learn how to get started.
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An FHA loan is a good fit for first time home buyers. Easy credit qualifying, low down payment, higher debt-to-income ratios are only the beginning. If a borrower cannot qualify for an FHA loan, chances are, they will have a hard time qualifying for any other type of home loan. Call us at 800-732-0561 now.
The FHA defines a first-time homebuyer as a person who has not owned a home for three years. This includes single parents and displaced homemakers who only owned a house previously with a spouse.
Unlike conventional loans that require a 20 percent down payment or additional private mortgage insurance, borrowers choosing an FHA loan are eligible for a loan with only as little as 3.5 percent down with a mortgage insurance premium. These are most common with first time home buyers.
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The FHA also insures mortgages for dwellings with up to four units, provided one of them is owner-occupied. What are fha loans? homeowners had a difficult time buying. home is too small for your.
It also allows individuals to qualify for a FHA loan whose credit has been marred by bankruptcy or foreclosure. This fixed-rate loan often works well for first time home buyers because it allows individuals to finance up to 96.5 percent of their home loan which helps to keep down payments and closing costs at a minimum.