FHA Purchase Loan

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FHA Purchase – First Time Home Buyers Program

For first time buyers, the whole buying process can be very intimidating. But if you follow the correct steps, you will be in your new home in no time! FHA mortgages can also be used for purchases when they are not your first purchase as well.  However you can only have one FHA loan at one time.  There are times when you can have more than more FHA loan. Let one of our FHA Mortgage Lenders help you with the process and explain all the details. Start today by simply getting an express quote.

Facts for FHA First Time Home Buyers

  • FHA loans offer a loan guarantee for mortgage companies. If you acquire a FHA loan to purchase a home, the FHA is not actually lending money to you, the buyer; the FHA simply guarantees the lender in case you, the borrower, default on your mortgage payments.
  • You can pay as little as a 3.5% of the purchase price of your home for your down payment, and finance your closing costs with your mortgage loan. The FHA can guide you toward programs that require no down payment.
  • You can purchase manufactured homes and condominiums with a FHA loan.
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The FHA 203K Mortgage Process

Posted May 14, 2012 · by Jeff Onofrio · Comments (0)

 The FHA 203k is a great loan for someone making a purchase or refinancing, and these steps will provide you with a road-map to understanding the process. 1)    The Buyer works with a realtor to find the right property for them, or the owner is ready for a renovation on their existing property. 2)    Get [...]

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KEY PRODUCT FEATURES OF THE FHA 203(K) Loan

Posted May 7, 2012 · by Jeff Onofrio · Comments (0)

Many are surprised to find out that you can use a FHA 203k loan to refinance or purchase a property and roll in the cost of rehabilitation and renovation.  This is one of the great ideas behind the FHA 203k loan.  Frequently, I receive calls from customers stating they don’t have enough equity in their [...]

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Eligible Improvements Using the FHA 203K Loan

Posted April 26, 2012 · by Jeff Onofrio · Comments (0)

Lately I’ve been asked, “what are some allowable improvements when we use the FHA 203k rehab mortgage”?  I’d like to give you some basic information that you can use to help understand how the FHA 203k renovation mortgage works and what is eligible. These are prime times for the FHA 203k program more than ever. [...]

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FHA 203K Mortgages and First Time Home Buyers

Posted March 22, 2012 · by Jeff Onofrio · Comments (0)

It’s important for the first time home buyer to know what the expenses are when they are buying a home.  Many first time buyers get stuck on what the down payment and closing costs are, but they don’t look beyond that.  They need to consider what they may need in addition to those items.  The [...]

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4-Steps to moving 3 million REO properties with a 203k and other tools

Posted March 3, 2012 · by Jeff Onofrio · Comments (0)

This is a great blog post from Vito Simone, a FHA 203k consultant who services the Maryland area.  His contact information is below and his blog can be viewed at http://203kexperts.com/. 4-Steps to moving 3 million REO properties with a 203k and other tools There is NO example of government owned rentals that have proven to [...]

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