DCFCU NOW OFFERS FHA LOANS!
August 8, 2008
The FHA loan program was created to help increase homeownership. The FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Some highlights of the FHA loan program are:
Minimal Down Payment and Closing Costs
- Down payment as low as 3% of sales price.
- Gift for down payment and closing costs allowed.
- No reserves are required.
- FHA regulated closing costs.
- Seller can credit up to 6% of sales price towards buyers costs.
Easier Credit Qualifying Guidelines
- May qualify even with credit score as low as 580.
- FHA may allow a home purchase two years after a Bankruptcy.
- FHA may allow a home purchase three years after a Foreclosure.
Easier Debt Ratio & Job Requirement Guidelines
- Higher Debt Ratio's than other home loan programs.
- Less than two years on the job is allowed.
- Self-Employed individuals can qualify.
- FHA SECURED is an option that gives Homeowners with Non-FHA adjustable rate mortgages (ARMs) the ability to refinance their loans.
These advantages of the FHA loan program have made it one of the best options for most first time home buyers.
You do not have to be a first time buyer to obtain a FHA loan. Anyone may use a FHA loan as long as you do not have more than one FHA insured loan at any one time.
· Remind your friends and family that they do not have to be a current member of Dade County Federal Credit Union to apply.
If you have any questions about our FHA program, please do not hesitate to call our mortgage counselors at 305-471-5080.
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