New Home Buyer Tax Credit Information - Extended April 30, 2010
Read more...Have you ever considered a FHA Loan? Why not?
An FHA loan might not be what you think? In fact, it might just be what you are looking for and you don't need to be a first-time home buyer to qualify!
Many of today’s home buyers never consider a FHA loan because they don’t understand what an FHA loan is all about and how it can help. FHA loans have been helping first-time home buyers since 1934. The Federal Housing Administration (FHA) is part of the Department of Housing and Urban Development (HUD). HUD & FHA help communities grow: - You don't need to be a first-time home buyer to qualify
- Down payments as low as 3.5% of the purchase price
- Down payment can be in the form of a gift
- Closing costs and fees can be included in the loan
- Easy credit qualifying
- Loans for 1 to 4 unit properties
Can I get a FHA Loan for a fixer-upper?
Yes! Its called the FHA 203k Loan and it allows you to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add in the cost of repairs all in one loan. Get up to $35,000 of additional funds to repair a purchase or refinance.
FHA 203k Loans
What if I want to make my home more energy efficient?
You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage or EEM. Up to $8,000 to improve energy efficeincy of your home.
Go Green and Improve Energy Efficiency
Links to Federal and State energy tax credits and rebates
The only web based Energy Audit Tool helps calculate energy savings,
Sponsored by the Deptartment of Energy: Energy Audit Tool
Find resources to make your home more energy efficient: Make it Happen
FHA Energy Efficient Mortgage
Does FHA offer loans on manufactured and mobile homes?
Yes! FHA offers to products: one is for those who own the land that the home is located on; the other is for the home that is (or will be) located in a mobile home park.
What about seniors who own their home? Is there any help available for them?
Yes! If you are 62 or older, own your home outright or have a low loan balance, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of the equity you’ve established in your home into cash. Receive a lum sum, monthly payments or even setup a line of credit that you can access when you want the money.
Here are some other advantages of a FHA loan:
- The entire down payment can be borrowed or received as a gift from the a relative, close friend, employer, charitable organization, or government agency.
- The seller or other third-party can help pay the buyer's closing costs and down payment.
- Currently there are no income limits on FHA loans.
- FHA offers more relaxed credit quality, income, and asset requirements.
- You can use a non-owner occupant as a co-borrower. In other words, your co-borrower doesn't have to live in the home with you.
- Unlike conventional loans, it is not required to have two months' principal, interest, taxes, and insurance payments at closing.
- FHA rates typically are lower than conventional fixed-interest loans.
- FHA loans have no prepayment penalty.
- Eligible properties are one-to-four unit structures.
- FHA underwriting guidelines are typically less restrictive than conventional fixed-rate loans.
- Refinancing is easy when rates drop
A FHA loan might be just the perfect loan for you. Call Tim's Citywide Team today at (952) 224-2424 to learn more about a FHA loan and if it is the best option for you.
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Are You A First Time Home Buyer ? We Have Down Payment Assitance Funds!
We offer a state wide program with below market interest rates on an FHA, VA or Conventional loan programs to qualifying first time buyers. Special down payment assistance packages up to $10,000 available to qualifying applicants.
It couldn't be a better time to buy a home and interest rates are near all time lows.
Call Tim's Citywide Team today at (952) 224-2424 to learn more about the down payment assistance programs.
Find out more on: Down Payment Assistance
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