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FHA Purchase

With some experts calling a bottom in the home market, many families are looking for finance options for that next purchase. FHA/HUD is the market maker for the buyer that wants to put less than 10% down on a purchase. FHA mortgage's are currently the most credit forgiving loan in the market today.  However, even FHA loans have been affected with the credit tightening mortgage banks.  In the last year almost all banks will require a credit score of 620 or more.  Below are some key qualifications that our team experts look for when qualifying a buyer for that next purchase:    

   

  • FHA Loan Sizes go up to $729,500 (based on per county-click here to check).
  • FHA will allow a co-signer or non-occupying borrower to help qualify (common for parents to do for child with limited credit/rent history)
  • All Purchase Loans must have at least one borrower occupy as primary residence.
  • Typically must have score of 620+ (No Score/No Credit Okay) - Call and Find out how to raise your score 5-10 points on average by Opting Out with credit card companies.  
  • Down Payment is 3.5% of the purchase price and must come from you, gift from family member/friend or a Government approved Down Payment Assistance Program (we can help you find one in your area).
  • All FHA loans require an impound account- this means property taxes and insurance are included in your payment.  
  • All FHA loans will allow the seller to pay normal closing costs and impounds (taxes & insurance).  This helps reduce a buyers total out of pocket costs.

If you would like more information on your next purchase or would like to be pre-approved by one of our team members call or apply today.  With prices and rates at historic lows, now is the time to make your move.

Interstate Mortgage Service, Inc. NMLS #89235
25062 South 190th Street, Queen Creek, AZ  85142
Office:  (480) 553-5555
ryan@interstatemortgage.net
Copyright © 2017 Interstate Mortgage Service, Inc. NMLS#: 37053. Go to www.nmlsconsumeraccess.org to verify licensing.

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