First time home buyers represent a large population in the United States and many can experience trouble when trying to become a homeowner for the first time. For some it’s the lack of credit that they have built up due to being early in their careers and just graduating from college. In our economy today it can also be the lack of a job being held for many years as proof of stability and of course the insufficient funds for a down payment do not help either. FHA loans for the first time home buyer can be the answer to all of these issues. FHA requirements are more lenient with credit, years of employment, and the down payment requirement is only 3.5% of the house’s sale price. In addition FHA regulates the closing costs.
For some not owning a home is due to their previous credit history. FHA loans for the first time home buyer can be the way out of renting and into home-ownership. FHA mortgages require a lower credit score, usually Continue reading ‘FHA Loans For the First Time Home Buyer’ »