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FHA Loan Information for BendCall American Brokerage at 800-874-8760 or apply on line with our quick, secure application and get an answer on your FHA Home Loan in Bend the same day!
HUD guarantees eligible loan applicants the ability to obtain mortgages with little or no money down. FHA loans can be fully assumable. Loan limits apply depending upon where the property is located in Oregon.
American Brokerage offers FHA financing for Manufactured Homes, Condos, and a single family residence.
FHA loans feature low down payments and flexible guidelines to make it easier to qualify! FHA loans are popular with first time home buyers but they can be equally attractive to move-up buyers and homeowners looking for a home improvement loan. With an FHA loan you can borrow up to 97% of the purchase price of the home. Please keep in mind that the loan will be based on the purchase price or the appraised value, whatever is the lesser amount.
FHA stands for the Federal Housing Administration. FHA was created in 1934 to help Americans realize the dream of Homeownership. FHA was absorbed into HUD in the 1960s and is now known as HUD-FHA.
The advantages of a HUD-FHA insured mortgage product to a home buyer are many fold. A home buyer may apply for a HUD-FHA insured mortgage and purchase a home with little or no out of pocket expense! FHA mortgage insurance permits lenders to make mortgages for first time home buyers without risk.
There are no income limits or credit scoring with an HUD-FHA insured mortgage, so most anyone can qualify as long as they have a reasonable credit history and can afford the monthly mortgage payments. You can also combine FHA mortgage programs with many first time home buyer grants or down payment assistance programs offered by other agencies.
The main advantage to a FHA home loan is that the credit criteria for a borrower are not as strict as FNMA or FHLMC. Someone who may have had a few credit problems should not have a problem obtaining FHA financing. Also, FHA home loans are assumable, allowing a person to take over the mortgage without the additional cost of obtaining a new loan. In addition, the seller must pay for part of the ‘traditional’ closing costs (called non-allowable costs) while a borrower's allowable costs can partially be wrapped into the loan. 100% of the down payment and closing costs can be gifted.
Call American Brokerage at 800-874-8760 or apply on line with our quick, secure application and get an answer on your FHA Home Loan in Bend the same day! |
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