FHA Morgage Guide and Broker Assistance FHA Morgage Guide - Broker Assistance in Securing FHA Program Approval
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FHA Morgage Guide and Assistance


FHA morgages are government sponsored programs chosen by many first time home-buyers (you don't necessarily have to be a first time home buyer, though) because it requires only a small down payment of 3% (which can be 'gifted'. In addition, the credit requirements are more relaxed than for similar 'conventional' morgage programs. However, these programs have become very infrequent over these days because of the availability of Conventional Loans with 'no money down' options with rates that are usually much lower. Also, the FHA interest rates are slightly higher than that of Conventional loans. The exception is in cases wherein the borrower has a high 'Loan to Value' and credit scores below 620.

FHA Morgage Guidelines & Info

The FHA program was started by the Federal Government to help provide affordable home financing for reasonably qualified borrowers. Basically, the FHA 'sponsors' the loan (by insuring the loan) which mitigates the risk of the lender. The borrower pays an Insurance Premium of 1.5% and this upfront fee is usually financed directly into the total morgage amount. The borrower also has to pay a monthly insurance premium that is equal to .5% of the total loan amount divided by 12 months. For example, a $200,000 would have a monthly premium of $83.33. For Home Purchases FHA Guidelines call for a down payment of at least 3% (and it is permissable that the 3% be 'gifted'). A major help in qualification terms is that FHA programs do not require the borrower to have cash reserves.

FHA Requirements are that the borrower provide proof of sufficient income and ability to afford the monthly morgage payments. In comparison to Conventional loans FHA guidelines are more lenient. For example, you can use 'alternative' credit references such as utilities, child care, school tuition, etc to support your credit-worthiness.

All in all, FHA morgages have rates that are only slightly higher than Conventional Loans yet are much easier to qualify for...which makes them fantastic alternatives to Subprime and Alt-A options.

IMPORTANT REMINDER: There are regional loan limits for FHA morgage programs so you should ask a loan consultant if your loan is within these limits




 
 

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