Paso Robles Real Estate

Fha Loans Could Be the Answer for First-Time Home Buyers

Heads up first-time home buyers! Recently, the loan limit for FHA was increased to $680,000.

Here are some of the reasons it would be to your benefit as a first-time home buyer to meet with a qualified mortgage specialist with regard to whether you qualify for a FHA loan:

• High loan-to-value. 97% financed and only 3% down payment
• FHA is very liberal on credit scores accepting as low as 580
• Allow gift funds with some additional requirements
• Allow non owner-occupied co-borrowers and will consider their income for qualifying
• No adjustments to interest rates for high loan-to-value
• Loan on manufactured homes as long as on permanent foundation on owned land and home 1976 or newer
• “A Paper” pricing = great interest rates
• Acreage okay if price is reasonable for the area

FHA Loans can be done on purchases and refinances.

If you are interested in meeting with a loan consultant about applying for a FHA loan, please contact me via email or call me at (805) 235-0234, and I will refer you to a couple of local loan consultants that I know understand the qualifications needed to secure a Fha loan. Feel free to visit my website for active listings in Paso Robles, California. I bet there is a home on my website with your name on it…

It starts with a dream…

Tags: acreage, FHA, first-time home buyer, gift funds, low credit scores, low down payment, manufactured homes