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There are lots of reasons to ask your lender for an FHA loan instead of taking a conventional or an expensive and risky sub-prime mortgage loan. Why not take advantage of the many benefits and protections that only come with FHA:

Easier to Qualify - Because FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements so it’s easier for you to qualify.

Less than Perfect Credit - Even if you have had credit problems, such as bankruptcy, it’s easier for you to qualify for an FHA loan than a conventional loan.

Low Down payment - We have a low 3.5% down payment, and that money can come from a family member or employer. Other loans don't allow this.

Closing cost – Seller can contribute 6% towards closing cost, most of the conventional program allows only 3% towards closing cost.

Costs less - Many times, FHA loans have competitive interest rates because the loans are insured by the Federal Government. Always compare an FHA loan with other loan types

"The Standard & Poor's S&P/Case-Shiller Home Price Indices (HPI) for January which were released on Tuesday are reporting further bad news on the home value front.

The HPI which tracks, in two different indices, 10 and 20 metropolitan statistical areas (MSAs) across the United States, reported that the prices of existing family homes nationally continued to decline into the new year. 16 of the 20 MSAs in the larger survey reported record declines, ten of them reaching double digits.

Both the 10-City and the 20-City Composite Indices are now reporting annual declines in excess of 10 percent. The 10-City had a record annual decline of 11.4 percent; the 20-City reported a decline of 10.7 percent."

Source:  MortgageNewsDaily.com

This news must be bothering many of new buyer.  However, I think if you are buyer waiting to buy, it may be a good time to start looking for homes.  Very few can catch real bottom and many miss the boat.  Now I see some of the properties are selling below the cost to build.  I will appreciate your comment.  Thank you

We make the American dream a reality. Whether you're a first time homebuyer, moving to a new home or want to refinance your existing conventional or FHA mortgage, the FHA loan program will let you purchase a home with a low down payment and flexible guidelines. With no income limits or credit scoring, many people who can afford the monthly mortgage payments and have reasonable credit will qualify for an FHA mortgage. 

FHA loan limits vary throughout the country. FHA Maximum Loan Amounts are set by HUD for every county in the United States. Maximum loan amounts vary from one county to another.  FHA loan limits are periodically subject to change. Give us a call at 301-257-2254 for details and confirmation of current limits

We are seeing many piggy back or HELOC loans are disappearing.  Under FHA program with 3% down payment and seller's closing cost help upto 6%, you can buy a home with lowest interest rate.  If you planning to refinanace your home you can refinance upto 95% of the appraised value.  Today's FHA Mortgage rate for 30-year fixed is 5.50%.  Contact us:  Tel 301-257-2254, Web www.homeloansinusa.com