| Getting a 1% down FHA loan is now possible: | | | | 1. Remember that the FHA is not responsible for giving |
| Mortgages always need the down payments.But the | | | | the mortgage loans. You need to get the loans from |
| major problem is that many first time home buyers | | | | the other private lenders and Federal housing |
| would not be having enough money for these down | | | | administration would be responsible for the insurance. |
| payments.A good news is that you can now get the | | | | You need to get the loan from a qualified lender in |
| FHA loans with just 1% down payment. Earlier you had | | | | order to get approved for this program.Ask your |
| to pay 3.5% of the total home value but now it is | | | | lender if he is in the list or not, |
| possible to get it with just 1%. This is due to the | | | | 2. The other important requirement for this program is |
| introduction of the National Stabilization Program. This | | | | that the property should be foreclosed. This is a very |
| program has to be combined with the FHA loan so as | | | | vital requirement. |
| to get your reduced down payments. If you do not | | | | 3. The property that you are going to buy with a 1% |
| meet the requirements of this program, you will have | | | | down FHA Loan must be your primary residence, |
| to pay the regular amount to the lender. There is no | | | | 4. Home buyer Education Class has to be attended by |
| other way to get this mortgage loan. Here are the | | | | the borrower. These classes will be held by one of the |
| requirements to get qualified: | | | | ADOH participating home buyer counseling agencies. |