Mortgage Bankers Association

If you have little money or no money for a deposit, credit risk and a lot of bills, the FHA can help with the purchase of your dream.

Or the FHA Federal Housing Administration, an important part of housing and urban development, was founded 70 years ago to help first-time home buyers FHA, especially those with low to middle income and minorities, Their own homes, which they need to do.

The amount you can access and FHA participate has increased substantially, more borrowers to qualify for these loans.

The maximum value of $ 271,050 for new single family place accessible to $ 729,750 in expensive cities like San Francisco and New York. The maximum amount set by the revised estimate of 115% of the average price of a house.

This is a great improvement, as the old boundaries, amounted to $ 200.160 $ 362.790 – a restriction that has made FHA> Related insufficient in all areas in California and parts of the northeast.

As a first time buyer FHA, ask what you can benefit. Here's a quick answer to this:

Benefit # 1 – Do you need a big deposit, so the borrower get help for him.

The FHA will ask at least 3% deposit. Therefore, costs about $ 30 for every $ 1,000 you want to borrow.

If you are not the sumwill never be a problem. When can a gift of your friends or a family association that provides financial support.

The FHA is known to work with local government programs that help them through the deposit, closing costs and low-interest loans. Your service provider should be more willing to explain how this feature.

Benefit # 2 – Your credit score should not be perfect.

Your credit score is not really as important as FHA does not usewhether you are eligible for a loan or not.

There are more than 22 factors, along with the claim, including how much money you have, how much money Normally you use and how to claim credit. The FHA is not really concerned about this problem when it comes to whether or not you will.

Benefit # 3 – You can still get more debt.
The ratio of debt to income may be significantly higher for FHA Connectionthe traditional context. FHA And even if the limits were expanded to provide housing for many people.

Knowing where you are, counting all payments, such as insurance, interest, taxes, insurance and primary mortgage monthly for your responsibilities as auto loans, credit card debt, child support and student loans. Then divide the total by the amount of its gross monthly income.

Youeligible for FHA connection even if it is the first time that the income of a home sale, provided that the monthly cost of debt of over 43%.