6 Reasons to Get an FHA-Insured Mortgage Loan Now!

Many aspects of the FHA mortgage application process have been streamlined to make the process easier and more efficient.

1. Eligibility is fairly straightforward:  If you plan to occupy the property as your principal residence, have a valid social security number, have been employed for two years (school and military service count towards this two-year requirement), are not delinquent on any Federal debt (student loan or other FHA-insured mortgage; and meet flexible credit requirements.
2. Standardized appraisal  has been adopted.
3. Unnecessary, minor repair requirements have been eliminated.  This is really good news if you are looking for a bargain foreclosed home because most of them have items in need of minor repair.  Also, FHA's 203(k) Limited Repair Program allows buyers to finance up to $35,000 additional into their mortgage for minor remodeling (such as flooring, new appliances, painting inside and/or out)
4. A minimum credit score is not required.
5. The entire down payment can be a gift from family member, employer, charitable organization or local government entity and seller can contribute up to six percent of the home's price toward closing costs at closing.  This eliminates the need for large amounts of cash at closing especially difficult for first time home buyers to come up with.
6. There are no prepayment penalties on FHA-insured mortgages.  This means you can refinance or sell and move when convenient or necessary without paying a penalty for paying off the mortgage early.