The beauty of the FHA program!
Posted on 18. Oct, 2008 by admin in Tips
Many households are able to make enough to consistently make a monthly mortgage payment but saving the down payment is often the hardest part with normal loans often requiring 10-20%.
In today’s market, take advantage of the FHA program which is a Federal Government program to help people buy their primary residence.
Some highlights of the FHA program are:
Low minimum down payment of only 3.5%
Credit score requirements are a minimum of only 620
Co-signer is allowed without having to live on the property
Can be combined w/ Federal First time buyer credit of $8K before Dec. 1, 2009
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