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The FHA Specialists

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Benefits of FHA Loan

FHA loans offer an advantage to first time home buyers that commercial banks cannot.  Most commerical banks require a minimum 10% down payment.  On a $300,000 house that would translate into a $30,000 down payment.  However, FHA allows for a 3.5% down payment which would translate into only $10,500 on a purchase of $300,000.  Due to this lowered percentage, people are able to save more money on their down payment.

The benefits are as follows:

  • Credit requirements are less stringent than conventional loans
  • 100% of the money for a purchase can come from a gift for an FHA loan
  • Closing costs may be gifted as well
  • 6% of the closing costs can come from a seller contribution allowing greater flexiblity to structure a purchase transaction
  • Use of alternative credit is allowed to complement a credit history tha may be bruised
  • FHA loans are available up to $729,000
  • Condominium financing is available with only 3.5% down

 

CALL A NEW JERSEY LOAN OFFICER TODAY AT 973-283-8111

Family Home Funding
11 KIEL AVENUE, KINNELON, NJ  07405
Direct:  (973) 283-8111 Ext. x105
emorba@familyhomefunding.com
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