When I became a mortgage loan originator in 1991, I couldn't believe that there was a loan product which allowed all of the down payment to be gifted! "Are you sure this is true?", I asked my mortgage lender buddy who had come over to the mortgage department at the bank we were with just 6 months before. "It's true! Can you believe how great of a program it is?" That was my first impression of how great the FHA loan was because it lowered the barriers to home ownership for first time buyers.
FHA loans today:
The FHA loan is a great fit for first time home buyer's and others with specific lending needs. Since 1991 I have learned much about lending and about FHA. I now know that FHA is a loan insurer not a lender, and that the loan is available to both first time home buyer's needing 100% financing (Utah Housing Loans/State Bond Programs), and it's a great alternative for buyer's who have less than perfect credit (my company, Primary Residential Mortgage, has a 580 credit score FHA loan program!). FHA offers streamline loans to allow homeowners to lower their interest rate with NO COST (ZERO will be added to their existing loan balance, no appraisal required).
With FHA rates at their lowest in 17 months ( June, 2013), this is a great time for buyer's and current FHA loan holders to utilize purchase and refinance options! Call me today for a more thorough analysis and discussion about what program's fit your needs the best.
