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FHA Purchase Loans

2010-05-01 02:48
Real estate is an important investment opportunity that is very attractive to singles and couples looking to increase wealth and stop paying rent to a landlord. The FHA loan has become an increasingly popular way to obtain financing for homes in the United States. FHA purchase loans allow buyers to put down as little as 3% when buying a home. Home buyers can even use gift funds for the down payment.

Many borrowers are now realizing that 100% financing is virtually non-existent in the marketplace at this time. With an FHA mortgage there is no credit score requirement. This can be especially helpful for borrowers with less than favorable scores. The home buyer will have to qualify "full doc", which means that they must be able to prove their income and employment. This can typically be done with 2 years w-2's and a current paystub.

FHA purchase loans can even be used to purchase manufactured homes. A manufactured home purchase loan can be one of the toughest loans to obtain. There are some guideline requirements for obtaining a manufactured home loan through the FHA. These guidelines generally apply to the age of the home and the method used for securing the manufactured home to the ground (foundation, etc.).

Now you need to ask yourself the following important questions. Are you ready to buy a new home? Do you want to put down as little as possible? Is your credit score less than perfect? Can you prove your income? If you answered yes, you are likely a perfect match for an FHA home purchase loan.

Jeremi McMaster has spent more than 10 years in the mortgage banking industry. Mr. McMaster has worked for some of the top lending institutions in the country while also helping build and grow smaller mortgage banking firms. Mr. McMaster and his company, , are able to help homeowners looking to as well as financing their first home. Professionals with many years in the industry are continually impressed by his abilities.

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