FHA available for All!
Posted on April 14, 2009 in the Mortgages category
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Many people think FHA loans are for first time home buyers. Maybe they think it stands for “First Home”, but it does not. It stands for Federal Housing Administration. Anyone can apply for a FHA loan, even if you have multiple properties!
A 3.5% down payment is just one of the requirements of a FHA loan and this money can come from a relative. Usually your credit score should be high, but with FHA, you can still get a great 30 year fixed rate. These interest rates are just as good as a conventional loan.
To get a FHA loan, the property has to be your primary residence. A non-occupying person can even co-sign with you for a FHA loan. In most cases, you can have only 1 FHA loan at a time.
FHA loans are currently up to $625, 000. This is expected to go up to $729,000 after the government stimulus bill.
With what people are paying in rent, a mortgage payment could be very close in amount. A FHA loan, 3.5% down, and low interest rates make it possible especially with fallling house prices.
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