FHA loans were designed for first time home buyers. However, you do NOT need to be a first time buyer to use FHA as your financing. FHA was designed for less than perfect credit, minimum down payment and allows the buyer to qualify for more of a home. For those looking to purchase a home in Maple Grove, Andover, Blaine or any city in the state of Minnesota we can help. Contact us today at 763-567-5718 for more information on FHA loans.
FHA Loan Advantages
There are many advantages for FHA home loans. They provide for a very low down payment only 3.5%, very flexible on credit which is helpful for people with lower credit scores. the down payment and the money needed for closing can come from the buyer or FHA mortgages make it easier for the family members that want to help with those costs. FHA home loans are also more lenient with debt to income ratios. They are more flexible in their guidelines which makes an FHA mortgage very popular. FHA loans are also assumable. This may be a helpful tool when selling the home depending on current interest rates. For more information on FHA mortgages call us at 763-567-5718
FHA Loan Eligibility
All buyers are eligible for an FHA loan. The common mistake with FHA loans is that they are for first time buyers only and that is not true. FHA mortgages are available to any buyer. FHA loans do NOT have an income limits or any other stipulations that would limit a buyer from using an FHA mortgage. They are for owner occupied homes only, however, they will allow a person to finance with FHA mortgages up to a 4 unit property as long as the owner lives in one of the units. To see if you qualify for an FHA mortgage call us at 763-567-5718
FHA Loan Limits
FHA mortgage loan limits are set by HUD. They decide the maximum FHA mortgage for each county. the 11 county metro area of Minnesota has a base mortgage of $356,500. This will vary if it is a single family home up to a 4 unit property. (base mortgage is the purchase price less your down payment) Other counties in Minnesota will have different maximum FHA loan limits To see the maximum FHA loan limit in your county call us at 763-567-5718.
Work with a Local FHA Mortgage Lender
We are a relationship lender. We like to sit across the table from our customers and make sure they understand all their loan options and scenarios. Working with a local lender, means we will understand some of the challenges the appraiser may have and we can work with them eliminate errors and confusion. We live here and we grew up here, we treat you like you are our family or better yet, becoming our neighbor. To understand the benefit of using a local lender, call us at 763-567-5718
If you are looking to purchases a home in Maple Grove, Andover, Blaine, or any city in the state of Minnesota, the Scott Miller Team is happy to assist you. We specialize in FHA loans and we will work with you one on one to help answer your questions and get you approved for FHA financing. For more information on FHA loans or to get preapproved call the Scott Miller Team at 763-576-5718!