LesliesLoans.net: Government Loans, First Home Programs

FHA Loans

Make owning a home a reality! Know your choices!

Did you know that you do not have to be a "First Time Buyer" to qualify for a FHA Loan?

WHAT IS FHA?

FHA is the Federal Housing Authority or HUD, Housing of Urban Development. The terms are interchangeable. These loans were originally designed for lower income familys and today many First Time and returning homeowners are enjoying the options of these loans. There are circumstances where a borrrower has been told the only loan they can get is a "B" paper or Sub Prime Loan that has a 2-3 year term but with a little effort they can possibly do a 30-15 year loan with FHA. Typically Mortgage Bankers (brokers)and Savings and Loans offer these programs. In order to keep the process streamlined it is important that the lender you use has Direct Endorsement and or Loan Correspondent approval with HUD which requires a yearly auditing procedure. The knowledge and experience needed to make the loan process effective is important to you so besure to call Amber Financial or another approved lender.

Why an FHA Loan?

FHA-VETERAN Program

FHA ACCESS LOAN

Here is why you should make the FHA (hud) loan your choice!

NO- FICO Scoring!
Allows higher debt to income ratios for qualifying!
FHA Loan has the lowest down payment-O to 3%
FHA allows borrower to streamline refinance to remove co-borrower
Allows the seller to pay the the closing costs(including pre-paids)
FHA permits gifts up to 100% for down payment, closing costs and pre-paids!
FHA permits 100% of the down payment & closing costs to be financed! (Access Loan)
With an FHA Loan the Mortgage Insurance Premium(MIP) can be financed!
FHA has no income limitations!
It is fully assumable!
DO NOT HAVE TO BE A FIRST TIME BUYER! - It's true, these programs are available to all homeowners.

FHA-VETERAN Program:

FHA reconizes our honored Veterans by offering a loan program that lowers the down payment from 3% to approx 1.25% with evidence from the Verterans Administration of their staus. This program can work unders these circumstances:

1. VA eligibility used before and loan was assumed by a non-vet, therefore not enough remaining entitlement

2. Co-borrower needed and will not occupy

3. Kept other house as a rental and want to buy another home to live in.

FHA ACCESS LOAN:

This is a terrific way to have a NO down payment loan AND finance your closing costs! So you could possibly buy your home with no money out of pocket. The down payment and closing costs are financed in the form of a 2nd Trust Deed for a 20 year term and no prepayment penalty.

There are income guideline limits and the borrowers can not own other property.