FHA Lending Guidlines

FHA Loans - Buying a Home using a FHA Loan
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The FHA loan program was created to help increase homeownership. 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.  -  Downpayment less than 3.5% of Sales Price
100% Financing options available - Gift for downpayment and closing costs allowed.
No reserves or required. 
FHA regulated closing costs.
Seller can credit up to 6% of sales price towards buyers costs.
Easier Credit Qualifying Guidelines such as:
Minimum FICO credit score of 620.
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 such as:
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.

You do not have to be a first time buyer to obtain a FHA loan, anyone may use a FHA loan as long as you do not have more than one FHA insured loan at any one time.

You can contact RE/MAX Star Realty 310.928.3001 & one of our First Time Home Buyer Specialists can assist you.  We can provide you with a list of lenders & provide you with a customized list of available properties.