Phoenix first time home buyer
DENIED A HOME LOAN? IT’S EASIER TO GET FHA LOAN APPROVAL!
The economy is still recovering from its troubling decline in recent years, and as it recovers, Phoenix and national housing prices are beginning to slowly rise again. If you’re thinking about becoming a homeowner, now is a perfect time to do it. If, however, you’ve also been affected by the recent downturn, you may be a bit concerned with your initial financial obligations that come with a mortgage. An FHA loan can often be the best choice in these situations, with low interest rates and reduced credit requirements which can allow many potential buyers, who otherwise may not qualify for a loan, to become homeowners.
The FHA program is run by the Federal Housing Administration and is targeted at those who may not have the credit scores or down payment amount necessary to qualify for traditional loan programs. With an FHA loan, you can expect competitive interest rates coupled with relaxed credit standards, which means that even a buyer with some a less than stellar credit history can qualify for a low interest rate. What’s more, the FHA’s low down payment option means that you’ll only need 3.5% of the purchase price instead of the traditional 20% to put down at closing, and the remainder of your closing costs can be rolled into the loan and/or paid by the seller.
The main qualification to participate in the FHA program is that you’re a Phoenix first time home buyer who is buying his or her primary residence (not investment property). The FHA loan program provides loans for both single family and multi-family dwellings and is available across the US, making it a compelling option to other loans for first time buyers. There is a maximum amount that borrowers can receive from an FHA loan, but these limits are very generous and vary from area to area, according to the cost of living in that area.
To find out more, speak with your lender or visit the FHA’s website at www.fha.gov
Contact Sam Elam with 20 years of real estate expertise to help you get into a Phoenix home in Chandler, Gilbert, Mesa, Scottsdale or Queen Creek!
Associate Broker, Prudential Arizona Properties, (480) 213-1799
