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FHA Financing
The Federal Housing Authority (FHA) insures lenders against loss in the event that borrowers default on their loans. In this way, FHA encourages lenders to make loans that they might otherwise view as too risky. Remember, the Federal Housing Authority do not lend money, they only insure loans.
The FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs.
Some highlights of the FHA loan program are:
- Minimal Down Payment and Closing Costs.
- Down payment requirement: 3.5% of Sales Price
- Some types of Grants are acceptable to meet down payment
- Gift for down payment and closing costs allowed.
- No reserves or required (in some scenarios)
- FHA regulated closing costs.
- Seller can credit up to 6% of sales price towards buyers costs.
- Easier Credit Qualifying Guidelines
- No minimum FICO score or credit score requirements.
- FHA will allow a home purchase two years after a Bankruptcy.
- FHA will allow a home purchase three years after a Foreclosure.
- Easier Debt Ratio & Job Requirement Guidelines
- Higher Debt Ratio's than other home loan programs.
- Less than two years on the job is allowed.
- Self-Employed individuals o.k.
- These advantages of the FHA loan program has made it one of the best options for most first time home buyers as well as move-up home buyers
FHA offers the following terms:
- 30 year fixed
- 15 year fixed
- 1 year arm
- 3 yeas arm
- 5 year arm
- 2/1 buy down also available
With certainty we can describe FHA as “the best financing program available”
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AMC
Financial Corporation operates as a DBA of Equitable Trust Mortgage.
Equitable Trust Mortgage is Equal Housing Lender. © 2007 AMC
Financial Corporation DBA AMC Financial Corp a VA corporation. Trade/service
marks are the property of AMC Financial Corporation and Equitable
Trust Mortgage and/or its subsidiaries. All rights reserved. AMC
Financial offers these products through our affiliates as a
correspondent lender. Equitable Trust Mortgage Corporation Licensed
by the Pennsylvania Dept of Banking and with license to do business
in the state of VA, MD and DC