Program of the Week: FHA

With the underwriting guidelines getting stricter, FHA is a program that is going to help a lot of borrowers that wouldn't otherwise be able to purchase a home. It is a government sponsored program that has no minimum credit score requirements, a minimum 3% downpayment that can be a gift from a family member, and mortgage insurance that is much cheaper than a conventional loan. As long as there is evidence that the borrower can pay back the loan (i.e. a job that provides sufficient income) and there haven't been any grievous credit sins (i.e. bankruptcies, foreclosures, serious judgements) within the past couple of years, than the borrower should qualify for an FHA loan. Give me a call at 435-770-2709 if you have any questions about this loan or others.