FHA - Limited Savings
Limited wage growth has impacted many Americans.
Stagnant incomes have made it difficult for consumers to save money as they spend the majority of their earnings on day-to-day living expenses. The FHA Mortgage Program can be a great fit for home buyers who have found it difficult to save money towards a down payment for purchasing a home. Benefits for borrowers with limited savings include:
Low down payments
FHA allows consumers to borrow up to 96.5% of the purchase price (or appraised value*) of a home. This lowers the amount of money that consumers need to have saved towards a down payment.
Gift funds are allowed for down payment and closing costs
Borrowers can use gift funds, for their down payment and closing costs, which are provided by relatives, employers, unions, charitable organizations, government agencies, and even friends with whom they have a clearly documented relationship. For consumers who have access to such gifts, this program feature further reduces the out-of-pocket costs involved with purchasing a home. It’s important to note that gifts cannot be given by a person or group who has an interest in the sale of the property (e.g. the seller or real estate agent) and no repayment of the gift is allowed.
CONTACT ME TODAY IF YOU WANT TO LEARN MORE ABOUT FHA’S DOWN PAYMENT REQUIREMENTS!
Home Buyer Tips
- 2 Myths That May Be Holding You Back From Buying
- 5 Reasons Home Ownership is a Good Financial Investment
- Do’s and Don’ts During The Loan Process
- FHA 90 Day Property Flip Waiver
- Getting a Mortgage: Why So Much Paperwork?
- How to know if it’s a condo?
- Look for a Luxury Home? Now’s The Time To Act!
- Ready To Make An Offer? 4 Tips For Success
- The Perfect Home Loan Application
- What You Need To Know About VA Loans
- Condo Loans - Low Down Payment
- How We Safe Guard Your Information
- Mortgage Insurance
- Niche - Unique Mortgages
- Path 2 Buy
- Rent vs. Buy
- Rising Rent - No Problem
- Student Loan Debt
- The Mortgage Process
- USDA-Wide Open Spaces
- FHA “Back-To-Work: Extenuating Circumstances” Program
- FHA 203k Streamline Rehab Loan
- HomeStyle Renovation
- HUD-184 Native American Program
- Jumbo Loans
- Veterans Assistance Loan Benefits
- Reverse Mortgage
- 3 Reasons Why First-Time Home Buyers Love FHA
- FHA - Home Ownership Opportunities
- FasTrac Approval Process
- Home Ready Program
- Jumbo Plus Loans
- Loan Programs - Pros & Cons
- How Low Interest Rates Increase Your Purchasing Power
- Where Are Interest Rates Headed?
- Why Pre-Approval Should Be Your First Step
- The Power of Pre-Approval for Agents
- Delayed Financing Options
- Discount Points vs Premium Pricing
- Duplex Financing Options
- FICO Scores
- Flipped Property Finance Options
- Jumbo - Credit Challenged
- No Lender Fees
- Union Advantage
- FHA - Benefits
- FHA - Credit Requirements
- FHA - Limited Savings
- FHA - Refinance
- Family Opportunity Program
- Fannie Mae - 97% LTV
- HomeScout: Your Unfair Advantage
- Jumbo - Medical Loan Program
- Luxury Home - 2 Million Max
- NHF Platinum - Down Payment Assistance
- Non-Resident Alien Home Loan