1st Time Home Buying with FHA Mortgage Financing

The Federal Housing Administration has been insuring home loans for 1st time homebuyers since 1934.  The government created the FHA loan programs to promote home-ownership and to ensure fair lending for all Americans.

Chip Cumming Talks FHA & 1st Time Home Buying

FHA mortgage interest rates are fixed and there is never a pre-payment penalty with a FHA home loan.  Buying a home can be a costly experience, so first time home-buyers have the ability to preserve capital with FHA loans because borrowers can finance up to 96.5% loan to value. That means that a new home buyer can get into a home with only a $3,500 down-payment.

There is a lot to consider with FHA mortgage financing, but an experienced FHA lender or licensed loan officer should be able to shed some light on the pros and cons of a FHA mortgage. The $8000 first time home-buyer tax credit expired April 30th, but the record low rates should be enough of an incentive to become a homeowner. Read the original FHA mortgage advice article online  > FHA Home Loan Options for 1st Time Homebuyers.

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