Why FHA?

FHA home loans are a great way for a first time home buyer to become a home owner.

1. The main advantage of a FHA versus a Conventional loan is that the credit qualifying criteria for a borrower are not as strict as conventional loan financing and the down payment requirements are less.
2. When comparing a purchase money FHA loan against a Conforming mortgage loan, the FHA loan will generally have the least amount of money required to close and the lower payment.

1. FHA loans will allow the borrower who has had a few “credit problems” or those without a credit history to buy a home.
2. An FHA Underwriter will require a reasonable explanation of these derogatory credit items, but will approach a person’s credit history with common sense credit underwriting.
3. Most notably, borrowers with extenuating circumstances surrounding a bankruptcy that was discharged 2 years ago can be approved for maximum financing. Conventional financing, on the other hand, would require 5 years to have passed to be eligible for a mortgage loan.

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