What exactly is the FHA?
The Federal Housing Administration (FHA) was introduced as a result of the Great Depression to support the housing market. The FHA continues to assist homeowners that do not satisfy traditional financing needs, such as having a credit history or evidence of income.
Is there an income limitation with FHA residential loans?
Do I have to be a first-time home buyer?
No, however many first time home buyers use the FHA program due to the reduced downpayment (3 1/2%) and seller paid closing costs.
Do I qualify for an FHA home loan?
If you have a history of paying your monthly bills on time and you do not have an FHA mortgage loan, there’s a good chance you will qualify for an FHA loan. Only an authorized FHA loan provider can evaluate whether or not you qualify for an FHA loan.
Do I need a good deal of money to purchase a house with an FHA loan?
No. The FHA down payment requirement is only 3.5%. For example, purchase price = $200,000 X 3.5% = $7,000
Is the seller permitted to pay my settlement costs?
Yes! The FHA allows the seller to pay as much as 6% of the purchase price toward the closing charges.
Contact me about Selling or Buying Your Home in Massachusetts
Bobbie Files is a Real Estate agent at SUCCESS Real Estate, covering the Bristol, Plymouth and Norfolk County areas