Thursday, February 19, 2009
Getting a FHA Loan!
Getting an FHA loan? FHA and VA are dominating the market right now. Did you know in order to get a FHA loan, you need 3.5% of the purchase price as a down payment with a maximum loan limit. If you do not have this, a family member can gift you the funds or you may qualify for a down payment assistance program.This does not include your closing costs associated with the loan. Your lender will supply you with a Good Faith Estimate (GFE) that goes over all this. Sometimes Sellers will help with buyer closing costs and prepaids. It sounds really complicated, but when you do this everyday it becomes second nature.