It is no question that the mortgage industry has been evolving and constantly changing since the subprime crisis hit in 2007. One of the best loan programs, still available is the FHA loan. This is possibly the best home loan program for a first time home buyer with limited access to financial assets. Here are some of the benefits of an FHA loan, that many people do not know.

1. Debt to income Ratios of up to 50%

2. As long as you have a contract for employment, we can take 30 days of paystubs and use that as your employment. This works well for college graduates, or people starting a new job.

3. Down Payment of 3.5% – Does not have to be your own funds, however has to be gifted to you from an IMMEDIETE family member. Mom, Dad, grandma.

4. Streamline Option – If you purchase home at a rate of 6%, and rates drop to say 4.5%, you can refinance down to 4.5% with little to no paperwork, and the increase in loan amount is conservatively capped, so you do not pay much in closing costs.

5. FHA loan limits have increased – IN each county, there is an FHA loan limit, some counties have loan amounts of up to $729,000!

6. Easy to Qualify – It is easy to qualify for this loan, as it is not asset based, and all you need is at least a 620 credit score to qualify

7. Multiple Property Types – With FHA, you can buy a single family residence, duplex, condo, tonwhome, and even Tri-Plex.

For any other questions or concerns, or to see how much you qualify for, please visit me on the web at www.brianquigley.com or call me direct at 720 949 5630.