The Top 7 Things First-Time Home Buyers Should Know about FHA Loans

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Buying a home comes with a lot of paper work and information. These are the things I know and have learned , hopefully it helps a little as first time home buyer. Things you’ll need for your FHA.

National First-Time Home-Buyer Programs. Because they’re at the national level, they’re often the ones people turn to first: FHA.Helps first-time buyers – especially those with lower credit scores – buy with down payments as low as 3.5% (low-down).; USDA Rural Development Loans.

for his best advice on mortgages for first-time home buyers. From finding down-payment resources to understanding lender fees, here are eight things Gardner thinks every home buyer should know about.

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Speak to lenders about 203k loans. FHA Loans are Great for First time home buyers. fha loans are obviously great for first-time home buyers for the reasons mentioned in this article. The low credit score requirements and low down payment requirements are really aimed at helping the first time buyer become a homeowner.

First Time Home Buyers Know the Basics and Improve Your FHA Loan Chances. As a first-time homebuyer, there might be a lot of unknowns. Whether it’s the mortgage lingo, type of home loans, or even down payment requirements, the flood of new information can be overwhelming.

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13 Best First-time homebuyer programs. fha loans. The Federal Housing Authority insures its approved lenders’ loans, which eliminates risks for lenders and enables them to be less stringent about credit requirements.. 40 Things Every 40+ Should Know About Buying a Home . Learn homebuying.

FHA Loans, First Time Home Buyers, and Job History. We get plenty of questions about fha home loan rules about income, employment, and issues related to being a first time home buyer. Here’s one that came in recently: "I purchased a condo in February 2012, and it was sold three years later,due to financial hardship.

FHA loans are perfect for first-time home buyers, they require a 580 credit score and a low down payment of 3.5%. FHA loans make is much easier for a first time home buyer with bad credit to purchase a house. However, not all lenders will approve borrowers with a 580 credit score, many will require a higher score around 620.