The Benefits of the FHA Loan Program
Nationally a Little Over 60% Of 1st Time Buyers Use FHA Insured Loans When Buying Condominiums! Over 95% OF Condo Owners Use The FHA Program When Getting A Reserve Mortgage.
- A low down payment -
The FHA program lets buyers put as little as 3.5% - 5% of the purchase price as a down payment. As you can imagine this opens many doors for people that wouldn’t otherwise be able to come up with a conventional down payment that can run up to 25%.
- Help with closing costs -
Qualified applicants can receive up to 6% towards closing costs. This further reduces the loan and down payment amounts.
- Co-Signer requirements -
Another part of the program allows for a blood relative to co-sign. What makes this program different is that if the home-buyers don’t have enough credit to qualify on their own a blood relative can co-sign without needing to reside in the home that is being purchased.
With the help of these benefits people with little credit, moderate incomes or first time home buyers have more opportunities to find affordable housing.
These people make up a large part of those buying condos. First time condominium buyers usually are a little less qualified for conventional loans. Without being FHA approved your condo community will not be able to provide affordable financing from the FHA.
- Re-Financing -
The FHA offers a re-financing program that is one of the best in the industry. For existing home owners this is a great way to lower their interest rates and monthly payments.
- Reverse Mortgages -
As far as I know using FHA insurance is the only way to get a reverse mortgages for condominiums. This is one of the programs that is needed by many 62 years old and older condo owners. Large locked up equity does nobody any good but the banks.
Customers Satisfaction Survey
Ratings On This Survey - 10 Is Really Good, 5 Is Average and 1 Is Really Bad.
To See If Your Complex Will Qualify For VA or FHA Condominium Approval Please Fill Out Our Short FHA Condo Approval Worksheet Or Call Us At (800) 833 0409 (Use Option 1) And, Of Course, There Is No Fees Due Until Your Complex Is 100% Approved!
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