FHA loans provide several advantages for first-time homebuyers as well as a unique set of qualifications for the purchaser and the property. Get all the facts about FHA Loans for First-Time Homebuyers in this Slideshare.

2. State Licensing Information.
What is an FHA Loan?
The Federal Housing Administration (FHA) is a government agency started in
the 1930s that insures mortgage loans made by approved lenders. Because
repayment of FHA loans is insured by the federal government, mortgage lenders
can more confidently provide these loans, making home buying available to
more people.
FHA loans provide several advantages
for first-time homebuyers as well as
a unique set of qualifications for the
purchaser and the property.
All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications.
Rates, terms and conditions are subject to change without notice.

3. FHA Advantages – Down Payment
Another common obstacle in the home buying process is saving enough cash for
the down payment. Conventional loans usually require a down payment of 10-20%
of the total home purchase price. For a $200,000 home, for example, buyers would
need $20,000-$40,000 in cash to make the purchase.
FHA loans make saving for the
down payment much less daunting.
FHA loans generally require just 3.5%
down payment. In the case of
$200,000 home, that translates
to just $7000. And the money
may give to you by a family
member, employer or charitable
organization as a gift.
State Licensing Information.
All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications.
Rates, terms and conditions are subject to change without notice.

4. FHA Advantages – Mortgage Insurance
Mortgage insurance is a requirement for all borrowers until they have a certain
level of equity in their home. It helps protect lenders when home buyers fail to
repay their loans. Mortgage insurance fees are paid in addition to the principle
and interest on the loan amount.
Mortgage insurance costs for
FHA loans are generally less than
those for conventional loans,
which could mean a lower overall
monthly mortgage payment.
State Licensing Information.
All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications.
Rates, terms and conditions are subject to change without notice.

5. FHA Advantages - Assumability
While you’re certainly excited to purchase your new home – and to enjoy all the
benefits that come with it – it’s always wise to look ahead to the future. Odds are
you won’t live in your home all the way through the 15- or 30-year length of most
mortgage loans. When you sell your home, FHA loans provide a unique advantage
called “assumability.”
Homes previously purchased with
FHA loans are especially attractive
to some buyers because the loan
is assumable. That means the new
buyer may be allowed to take over
(or “assume”) the conditions of the
FHA loan, reducing closing costs
and potentially providing a lower
interest rate.
State Licensing Information.
All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications.
Rates, terms and conditions are subject to change without notice.

6. State Licensing Information.
FHA Requirements – You
The FHA sets standard requirements for borrowers, but individual lenders may
require additional information or qualifications. Borrowers have to provide their
Social Security number, proof of legal U.S. residency and confirm there are no
unsatisfied government debts, such as unpaid taxes or delinquent student.
The Latest FHA Requirements can be
found at FHA.gov
All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications.
Rates, terms and conditions are subject to change without notice.

7. FHA Requirements – The Property
Just like the homebuyer, the property to be purchased has to meet certain criteria
to qualify for an FHA loan. An FHA-qualified appraiser will review the home to
make sure it meets quality standards. There are also limits on the home value
depending on where you live. Still, in some areas, this could be $700,000 or more.
Another important point to keep
in mind is that the property must
be your primary residence to be
eligible for an FHA loan. FHA loans
cannot be used to purchase
vacation homes or investment
property.
State Licensing Information.
All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications.
Rates, terms and conditions are subject to change without notice.

8. State Licensing Information.
FHA Loan Facts
for First-time Homebuyers
If you’re in the market for an
FHA home loan, contact us today…
www.NewAmericanFunding.com
All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications.
Rates, terms and conditions are subject to change without notice.

9. State Licensing Information.
All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications.
Rates, terms and conditions are subject to change without notice.