With the continued turbulence in the financing markets, home loans insured by the Federal Housing Administration are picking up the slack and helping homeowners refinance into lower interest rates helping them keep their home as well as helping home buyers (many who are first time buyer) obtain the financing they need to purchase a new home.
Founded by congress in 1934, the FHA became part of the Department of Housing and Urban Development’s Office of Housing (HUD) in 1965. The FHA program which for the last 5-10 years took the back seat to the emergence of the mortgage products that have now imploded, has insured more than 34 million properties and may very well be the best loan programs available today.
Why is this program hot in my mind:
1. Financing up to 97% (3% down on purchases)
2. No Credit Score Required (don’t confuse with bad credit)
3. Flexible underwriting guidelines
4. Can qualify if you’ve had a BK over two years ago
5. No qualifying Streamlined Refinances
Not sure if it’s for you…ask us and we’ll let you know.
