FHA Mortgage Loans: No Money Down

Buying a home with an FHA home loan is really no different than buying a home with any other loan except you have more protection against foreclosure with FHA, it is easier to qualify, you don’t have to have perfect credit and it can cost you less each month. Keep in mind that because the FHA does allow you to put such a small percentage down on your mortgage loan or take out a lot of cash when you refinance, you are required to carry mortgage insurance on your home until your loan to value reaches 78% with a minimum of 5 years of mortgage payments.

Visit our website for other no money down loans, including VA and Rural Housing home loans at  http://www.madisonmortgageguys.com

If you don’t have the 3.5% needed for the down payment it can be gifted by a family member or friend or be given to you by the seller. All around FHA is one of the best programs and it’s not a difficult loan to understand or obtain.

Additional Appleton FHA program features:

• You can qualify for 1 to 6% credit toward: earnest money, application fees, mortgage insurance and tax credit
• Just 3.5% down payment
• Any buyer not just the first time home buyer
• A co-mortgager or co-signer can be a non-occupant
• Interest rates are lower and are equal to or better than normal financing
• FHA can qualify for one to four unit properties and HUD approved condos
• There are NO reserve requirements (unlike conventional which requires 1 or 2 month reserves)
• Gift funds are allowed for the entire down payment but must be from a family member
• Only the VA and FHA loans are assumable (could be an advantage to either buyer or seller)

Visit our FHA Mortgage page for additional FHA mortgage program requirements: