Monday, February 18, 2008

LETS TALK ABOUT FHA FINANCING

Just simply, more often than not, the best first time buyer program anywhere....FHA(federal housing administration)...FHA loans are backed by the federal government.since the fed is involved they get to have some say on the standards the lender can use to approve a loan.In many cases buyers will be approved for financing thru an FHA loan that would not qualify for conventional loans.the FHA LOANS ARE TYPICALLY MORE FORGIVING..suce as the credit score is not so strict..you typically need less down payment..some of the buyers funds needed for the purchase can come from a gift..the seller can contribute up to 6% towards the buyers closing cost..the buyer may have just started a new job..YOU CAN HAVE OWNED A HOME BEFORE..in most cases you are condidered a first time buyer if you have not purchased a home in the last 3 years and do not currently have an fha mortgage that is not going to be paid with the sale of your house..most properties in reasonable condition will be approved for FHA financing, and much more....THESE ARE NOT SUB PRIME LOANS...If your lender does not take the time to explain FHA choices to you or does not offer FHA as a product we at JB REALTY SERVICE. will be glad to assist you. For more information visit http://www.jbrealtyservice.com. You may contact me at: john@jbrealtyservice.com or call 215-721-6300.