What are the benefits of a FHA loan in Massachusetts?

FHA loans are rapidly becoming the “cure” for the current epidemic of home foreclosures in the country and the benefits have spilled over to the home purchasing market.  There are no borrower income limitations, easier credit qualifying, and easier debt and ratio requirement guidelines.  With 3.5% down payment and minimal closing costs, the FHA loan program makes buying a home easier and more affordable.  Program features allow borrowers to spend less time saving and more time living out their dreams:

  • What's so special about 3.5% downpayment?
    Alone?  Nothing, but that's not all.  FHA programs allow the down payment on your home to be entirely gifted from an eligible source.  Down payment assistance and community redevelopment programs offer affordable housing opportunities to first-time homebuyers, low-income and moderate-income individuals and families who wish to achieve homeownership.
  • Closing and pre-paid costs can be paid by the seller up to 6%.  A contribution that can assist you in obtaining a lower interest rate!
  • Your Credit History might not be the best but it's what you've got. FHA loan programs offer the most leniencies on bankruptcy, foreclosure, and low credit scores combined.  In the past other loan programs have been credit driven in determining eligibility and rates offered.
  • Easier Debt and Ratio requirement guidelines mean that there is less time required on the job than other home loan programs and non-occupant co-borrowers are allowed.
  • No pre-payment penalty and an assumable mortgage feature help protect your long and short terms interests.

Congress recently raised the loan amounts of FHA loans. This significantly raises the amount of the maximum mortgage that will qualify for the great low rates and security of an FHA loan. 

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