| The Florida real estate market has cooled down. Here | | | | FHA insured mortgage only requires a three percent |
| in St. Augustine, Florida, home prices have dipped | | | | down payment. However, if the property seller is willing, |
| down to more realistic prices. There is surely some | | | | they can give you the down payment as a gift simply |
| excellent deals out there for home buyers that have | | | | by filling out a short FHA approved gift fund letter. |
| done their homework. Sellers and real estate agents | | | | There are numerous down payment gift programs |
| are anxious to sell their inventory of homes and you | | | | available these days. One of the may rewards for |
| can get a great deal. Now, have you decided how you | | | | obtaining an FHA insured mortgage is that you are not |
| will be financing your home purchase? Well, unless you | | | | penalized by your credit score, should it be low. FHA |
| have deep pockets or a substantial amount of savings, | | | | insured mortgage rates have basically the same low |
| due to the crash in the sub prime market recently, you | | | | fixed rate options as standard conventional conforming |
| might find some lenders requiring that you make a | | | | loans. The FHA loan provides terms from 15 to 30 |
| rather hefty down payment. Here is the good news. | | | | years in length. When utilizing the FHA mortgage |
| Many of us have a few credit bumps and bruises on | | | | program to the fullest, many home buyers are able to |
| our credit reports. Possibly you have been told that | | | | buy their home with little to no money out of pocket. |
| you don't qualify for a conventional mortgage home | | | | Owning a home is the American dream for all |
| loan? Well, there is no doubts in my mind that an FHA | | | | Americans. Getting FHA financing for your home can |
| mortgage is the best mortgage loan program available | | | | save you thousands of dollars over the years over |
| these days for home buyers that don't have a high | | | | sub prime lenders. A lender must be FHA approved in |
| credit score. The FHA insured mortgage is a full | | | | order to handle your FHA loan. If someone tells you |
| documentation loan program. The FHA documentation | | | | that FHA is not for you, by all means get a second |
| requirements are that you be able to document your | | | | opinion. This little bit of time and effort could save you |
| income source for the last two years with two years | | | | hundreds of dollars each month, as well as thousands |
| of W2's, 30 days of pay stubs and your last 60 days | | | | of dollars over the life of your mortgage. |
| of savings and checking account statements. The | | | | |