Island FHA Loans
Buying a Home using a FHA Loan
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:
Down Payment and Closing Costs
less than 3% of Sales Price
Financing options available*
for downpayment and closing costs allowed.
reserves or required.
regulated closing costs.
can credit up to 6% of sales price towards buyers costs.
Credit Qualifying Guidelines such as:
minimum FICO score or credit score requirments.
will allow a home purchase two years after a Bankruptcy.
will allow a home purchase three years after a Foreclosure.
Debt Ratio & Job Requirement Guidelines such as:
Debt Ratio's than other home loan programs.
than two years on the job is allowed.
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
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.