Apply Online          

Welcome
to TMC Lending!
 Your source for consumer information  

 

 




FHA Loan

Construction/Perm

Interest Only Mortgage


Commercial Loans

   
Real Estate Investor


Refinance


Loan Modification





 

FHA Loans for First Time Home Owners                                                                                                                        

FHA loans for first time home owners are flexible. FHA loans for first time home owners are secure. FHA loans reflect Government's commitment to expanding homeownership through the FHA loans for first time home owners program with reduced down payment requirements and relaxed underwriting standards compared to conventional loans. Email FHA loans for firs time home owners questions.

FHA loans for first time home owners recognize many areas as a high housing cost areas and has increased the maximum FHA loans amounts. The FHA loans limits are as follows:

Find the FHA l<span class="style1">oans limit in your county.

FHA loans are an outstanding choice for first time homebuyers because FHA loans require only 3% cash (which may be a gift) and are more forgiving of past credit issues. FHA loans look at the last two years of your credit history. If there are some credit problems, FHA loans can overcome them with explanations and supporting documents. Never rule yourself out of qualifying for FHA loans because of credit, prequalify and have me review your credit. I have more information on FHA Loans credit requirements available

This page is about using FHA loans to purchase a home. If you are refinancing existing FHA loans please go to my FHA Loans refinance center.

FHA requires any outstanding collection accounts be paid before closing. If you have had some credit difficulties in the past, FHA loans compensating factors can get you approved.

There are some credit issues that must allow time to pass before you can qualify for them.  

  • Two years from the date of discharge for a bankruptcy
  • Three years from the date of foreclosure

ADVANTAGES

  • They are assumable
  • With their no cost streamlined refinancing you can lower your payment at NO COST to you.
  • The ARM has the best features on the market with a 1% annual interest rate cap and a 5% lifetime cap.
  • Lower required down payment
  • Higher qualifying ratios of 29% for housing and 41% for total indebtedness
  • More flexible underwriting standards
  • Gift funds for down payment and closing costs are allowed
  • Up-front Mortgage Insurance Premium can be financed
  • Less cash out of pocket required
  • The lowest down payment (as low as 3%, never more than 5%) requirement of any non-subsidized financing program
  • Seller allowed to pay prepaid expenses
  • Seller can contribute up to 6% of purchase price toward closing cost and discount points

They have permitted streamline refinances on insured mortgages since the early 1980's. The basic requirements of a streamline refinance are:
  • The mortgage to be refinanced must already be insured.
  • The mortgage to be refinanced should be current
  • The refinance must lower your monthly principal and interest payments.

For more information go to the FHA Loans Streamline Refinance page.

Read more about FHA Loans Closing Costs

I have included a page on calculating your FHA Loans qualification ratios.

I have included FHA Loans documentation requirements.

I also have  "Buying your First Home" available by email.

Learn about improving your credit scores

I have an article "Buying your home in 2008" by email explaining negotiating strategy in today's market.

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your consumer and mortgage debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.

FHA loans for first time home ownersPrequalify for your FHA loans for first time home owners 

   Home Equity    Interest Only Mortgage  Investor Loans  Jumbo  Mortgage Links   Reverse Mortgage  No Down Payment Loan   Refinance Center   Site Map  Vacation Home Loans   Commercial Loans  Loan Modification Home

 

 

©1998-2009


NEVER an Origination Fee!

Extensive consumer information on construction,remodeling, first time homebuyer,and no documentation mortgages.