There are many home ownership programs created to help increase home ownership. However, do they really help increase home ownership or are they more of a deterrent? Let me share what I mean, is there so much “red tape” and regulations that the potential buyer will not understand that at the end of the day they say forget it. I will continue apartment living.

We all know people that want to obtain the American Dream. So of you probably can even remember when you were the person seeking to obtain the Dream. There are some details you should know about buying a home using a FHA loan that you might not have known about. I believe the information I am preparing to share with you will get you excited about becoming a home owner. I was doing some research about the different FHA loans and I have to share what I found.

First, were you aware in the minimal down payment and closing costs it extends to the down payment being less than 3%. I can see some of you doing a double take right now as you read that on the screen. Why? You had no idea that you could get into a home for that a small amount of money. That makes it so much more attainable right! Don’t run right out now and get a house based on that. Continue reading this blog and see what else you need to know.

Second, you can utilize a gift for down payment and closing costs. There are many programs available for first time home buyers and more. One item I always counsel new home buyers on is not utilizing all their cash for down payment or closing costs. With all the programs existing, do the research and find out which one fits your particular situation.

I have to stop and share this at this very moment because I was not knowledgeable of this CRUCIAL information that can make the difference for many people. Buying a home through FHA Loan has easier credit qualifying guidelines. Let me take it a step further, from my research I found that there is no minimum FICO score. Stop! So many people have not gotten a house because of their low FICO score. I can hear people right now in amazement saying they did not know that.

Furthermore there is no credit score requirement. That does not mean if you have a few marks on your credit report that you should not clean them up. By all means clean them up. However, know in my opinion FHA is saying you do not have to have perfect credit in order to obtain a loan through them.

Maybe you are reading this and have had a bankruptcy in the last few years. Did you know that FHA will allow a home purchase two years after a bankruptcy. I have to tell you I am surprised by that. I tend to encourage people that I counsel to wait until you have gotten more of a handle on your finances. Maybe FHA has a program they have worked out that can instill money management and rebuilding the family unit as you obtain the American Dream and give better guidance.

I have not even finished what I am going to share. I would say come back and read again next time when I will give you some more insight into buying a home with a FHA loan.

This entry was posted on Thursday, October 25th, 2007 at 9:49 am and is filed under FHA Loans, News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.