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February 09, 2001
By
Bob Buckham
Website:
http://www.best-choice-loans.com
>
FHA Loan: No downpayment needed
How would you like to receive an FHA loan with no downpayment from yourself. Read on.
The Federal Housing Administration (FHA) is a federal agency within the U.S. Department of Housing and Urban Development (HUD). FHA’s primary objective is to assist in providing housing opportunities for low to moderate income families. The agency does not generally provide the funds for the mortgages, but rather insures home mortgage loans made by private industry lenders such as mortgage bankers, savings and loans and banks.
To be eligible the borrower must meet standard FHA credit qualifications.
The borrower is eligible for approximately 97% financing, and the borrower is able to finance closing costs and mortgage insurance into the mortgage.
But here’s one nice benefit of the FHA program. You down payment can be from 100% gift funds. You don’t need to verify where the gift funds are coming from, but you must make sure the funds are in your savings account or an escrow account prior to underwriting approval.
Gift donors are restricted to a relative of the borrower or an organization, such as a labor union or charitable organization.
For
more information on fha loan - click here!
> About The Author:Bob Buckham is a successful author and the
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