FHA Loans
An FHA Loan is a Government backed loan which allows for
an owner occupied buyer to have less desirable credit,
income, savings than traditional financing. An FHA loan only
requires 3.5% from the buyer towards the home purchase, not
including closing costs of which 6% can be paid by the
seller of the property.
FHA allows the down payment to be
gifted from a close relative or employer, and will allow a
buyer to have minimal credit history, provided 3 sources of
credit can be produced (i.e. 12 month payment history on
utilities, telephone, cable, auto insurance, etc.). In
addition, a favorable twelve-month Rental History must be
established.
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