FHA- Assist

FHA Purchase Programs

The most important step in purchasing a new home is to get a pre-approval letter for a home loan. The peace of mind that comes with knowing that your mortgage loan and credit report have been approved will allow you to shop for your new home with confidence. And when you find a home and are ready to make an offer the fact that you have already been pre-approved for your loan amount will give the seller confidence in you as a buyer.

What Type of FHA programs work for you ?

  • Fixed Rate Mortgages
  • Adjustable Rate Mortgages
  • Graduated Payment Mortgages
  • Growing Equity Mortgages
  • Energy Efficient Mortgages
  • Mortgages for Condominium Units

First World Mortgage Corporation offers the FHA loan program as a direct endorsed Lender who specializes in loans for first time home buyers. FHA home loans can offer low interest rates and more flexible underwriting guidelines for borrowers who have less than perfect credit. However, there are mortgage amount limitations for each county in the United States. Please check limits for fha mortgage loans here. These loans requires 3.5% down payment but it can be a 100% gift or you can use grant programs. Also, the seller can pay up to 6% of the purchase price in closing costs and the monthly PMI is lower than most 3% down conventional loans. Finally, it is one of the few loan programs left which allows an underwriter to take into account extenuating circumstances such as job loss, long-term illness, and death in the family as legitimate reasons for credit issues and they can manually approve a file on a case-by-case basis. See official Federal Housing Administration website for more detailed information and check out 100 questions and answers about buying a new home.

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