6May
FHA Loan Opportunities for Alpharetta Home Buyers | 100% Financing is Still Available
I wanted to make a quick post regarding a subject near and dear to many of you, and one that has in the past, sent shivers down your spine. Yes, I am alluding to the infamous FHA loan. With the tightening credit market and many of the true 100% loans gone by the wayside, more and more borrowers are turning to the FHA loan as a way to get into their new home.
But don’t let these deals scare you!
- Most lenders have beefed up their FHA underwriting staff. We can close most FHA loans in 5-10 business days;
- Loan limits in the metro area are as high as $346K;
- The 3% down payment requirement still can come from a gift or a down payment assistance program for the 100% loans;
- Seller contributions on FHA can go as high as 6% of the sales price;
- The Monthly Mortgage insurance cost about 30% less than conventional loans;
- Rates are excellent with yesterday’s 30 year fixed around 5.75% for the 30 year.
FHA loans are great for first time home buyers. We have at least 10 lenders who offer FHA loans. If you have ANY questions regarding FHA procedures or policies, please drop me an email. With the market bottoming out, don’t let financing be a problem in achieving your home ownership goals.
Ted Fithian, Home Town Mortgage
You are right, we are seeing the FHA become a bigger player in Honolulu. Also, the VA. May this year be a great year!
Aloha,
Keahi
RE/MAX 808 Realty
877-737-2093