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First Time Home Buyer FHA Home Loan
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Many first time home Home buyers do not have a large down payment for a new home. While many people think this may hold them back from home ownership not having a large down payment does not mean you cannot purchase a new home. FHA financing allows down payments as low as 3% and is used by many first time home buyers.FHA loans can only be used for primary homes, and not investment properties or second homes.
Multi-Family Homes can be purchased using FHA financing as well with as little as 3% down. A 6% seller concession can still be used for FHA Multi-Family financing.
A Chapter 7 Bankruptcy can be discharged for as little as 2 years and still qualify for FHA financing. Re-established, timely credit is required if you have had a Bankruptcy.
If you don't qualify for a FHA home loan, a good First Time Home Buyer alternative program would be MyCommunity.
HomePossible is also a good mortgage program provided by Freddie Mac. HomePossible is also a 1st time home buyer's program
FHA allows for all of your 3% down payment to come from a gift from a relative. Coupled with allowances for up to a 6% seller concession, you may qualify to purchase a home with little or no personal out of pocket expense.
Under certain conditions and with the approval of the bankruptcy trustee, you can purchase a home using an FHA loan once you have paid your Chapter 13 bankruptcy on time for 12 months.
First Time Home Buyer Fha Home Loan in the News:
| First-Time Buyers, Distressed Properties Drove California's Housing Market in 2009, C.A.R. Reports (Marketwire) |
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LOS ANGELES, CA--(Marketwire - March 10, 2010) - Affordable home prices, tax credits for home buyers, historically low interest rates, and a large number of distressed properties prompted many first-time home buyers to enter the market in 2009, according to the CALIFORNIA ASSOCIATION OF REALTORS®' (C.A.R.) 2009-2010 "State of the California Housing Market" report released today.
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| First-Time Buyers, Distressed Properties Drove California's Housing Market in 2009, C.A.R. Reports (Marketwire via Yahoo! Finance) |
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LOS ANGELES, CA--(Marketwire - 03/10/10) - Affordable home prices, tax credits for home buyers, historically low interest rates, and a large number of distressed properties prompted many first-time home buyers to enter the market in 2009, according to the CALIFORNIA ASSOCIATION OF REALTORS' (C.A.R.) 2009-2010 "State of the California Housing Market" report released today. The percent of first ...
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| FHA waives rule against house flipping (Bankrate.com via Yahoo! Finance) |
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With no more anti-flipping rule, homebuyers in need of an FHA loan to buy a foreclosure are in luck.
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| Parents Run Risks Helping Kids Buy A Home (Investor's Business Daily, Inc. via Yahoo! Finance) |
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The end of the federal tax credit for homebuyers is fast approaching. That means crunch time for parents who want to help their kids buy a place as inexpensively as possible. First-timers comprised 47% of all buyers last year, according to the National Association of Realtors.
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| FHA waives rule against house flipping (Bankrate.com) |
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Homebuyers who need a loan insured by the Federal Housing Administration, or FHA, may be able to buy a recent foreclosure house now that the FHA has waived its so-called "anti-flipping" rule.
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