With the recent problems suffered by lenders, FHA mortgages are making a comeback.  Many people don’t know what FHA programs are available or how they work.  Many have asked me about grueling inspections and additional fees for sellers and I have been letting them know “This is not your father’s FHA”.


FHA is a great way to help first time home buyers qualify for their home or provide them with the option of a low down payment, low closing costs and easy credit qualifying.  Unlike traditional or conventional loans, the down payment money may be a gift to the homebuyer


FHA MORTGAGES
1.    Low down payment only 3%
2.    Low closing costs
3.    Easy credit qualifying

FHA MORTGAGE TYPES

Fixed rate mortgages
Adjustable rate mortgages

TEACHER NEXT DOOR

The Teacher Next Door program for approved teachers to purchase housing that has been acquired by HUD at a 50% discount.  Through HUD and FHA teachers are able to purchase houses at a 50% discount and are required to make only $100.00 down payment if the house is financed with a FHA mortgage.

OFFICER NEXT DOOR

This special program is identical to the Teacher Next Door program but it is approved for law enforcement officers.

FHA RENOVATION MORTGAGE/FIXER UPPER

Allows homeowner to borrow money to extensively renovate their home.  As much as 110% of the cost needed to repair and renovate the home can be financed.
Vince Rodriguez of Countrywide Home Loans is up to speed on all of the FHA programs, you can reach him at: 954-660-3841 or email him at:

vince_rodriguez@countrywide.com.
Apply on-line: www.vincerodriguezloans.com

 

It would be my pleasure to assist you with all of your real estate needs.  Please don’t hesitate to contact me for more information!

HAPPY HOME BUYING WITH FHA

Ellen M. Bithell, CRS, CREO
SELLING SOUTH FLORIDA
www.fha.gov