FHA Loans are the WAY to GO!

I know we’ve said it before and we’ll say it again…FHA loans are the WAY TO GO!

 

Currently, FHA loans require a minimum of 3% down payment compared to 20-30% down for conventional financing. This down payment can be gifted to the buyer by a relative. Also, the seller can credit the buyer up to 6% to pay for closing costs. Lastly, credit scores can be as low as 580 and loan amounts go up to $729,750! Starting January 1^st, maximum loan amounts will go down to $625,500 and the minimum down payment will be 3.5%.

 

These loans allow buyers to purchase a new home with very little out of pocket money. The interest rates are very competitive right now. If you are wondering whether you can afford to buy a house, call or email us. We will help you create a budget and determine what you can realistically afford. The prices are lower than they have been in several years. It is a great time to buy!