FHA has made a "come back." Until the past year, FHA mortgages were not widely used. Now it is harder to qualify for a conventional mortgage than a year ago because mortgages are "credit score" driven. FHA is more generous in this regard, and the key to obtaining an FHA loan is to meet the traditional qualifying indicators, debt and income ratios. That is easier for most buyers.
If you have 3.5 percent for a downpayment you can even finance closing costs if the home will appraise for enough that the bank is satisfied with the purchaser's equity in the home. Indeed, seller's, if they are motivated to do so, can pay up to 6% in closing costs for the purhaser. Additionally, another inducement to buying this year is that if you are a "first time" homebuyer (see my earlier post on this) the Government will give you an $8,000 tax credit for a home purchased this calendar year.
Call me! Phone (256) 232-4490.
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