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By Mc Griffin Campbell | Broker in Los Angeles, CA

First time Home Buyers: FHA Loan could be a great Benefit for you


First time Home Buyers: FHA  Loan could be a great Benefit for you:

Information is Power:  Power is Information: Be Informed

www.fha.org reveals the following information: The Federal Housing Administration, generally known as "FHA", provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934.

 

Unlike conventional loans that adhere to strict underwriting guidelines, FHA-insured loans require very little cash investment to close a loan. There is more flexibility in calculating household income and payment ratios. The cost of the mortgage insurance is passed along to the homeowner and typically is included in the monthly payment. In most cases, the insurance cost to the homeowner will drop off after five years or when the remaining balance on the loan is 78 percent of the value of the property -whichever is longer.  www.fha.org

 In short, First time Buyers, if you:

  • Short on cash-cash strapped could be the beneficiaries of FHA loan.
  • The assumable aspect which allows the next buyer to have lower costs in purchasing the property.
  • People who have had credit problems or bankruptcies in their past.
  • If you have severe negative information your credit history, including a bankruptcy, court judgments, or charge offs an FHA loan could benefit you.
  • FHA loan is a good way to rebuild a credit history
  • If you need help buying a home? You may qualify for one of these programs. Check out these websites-be informed:
  • California Housing Finance Agency: homebuyer programs, including downpayment and closing cost assistance, and foreclosure prevention resources http://www.calhfa.ca.gov/

· US Department of Agriculture Rural Housing USDA Rural Development in California is your "one-stop service center" to promote economic opportunities, affordable housing, stronger community infrastructure and myriad opportunities for rural communities, rural business owners and residents. Click on the links below to learn more about the diverse and dynamic programs available to you from USDA Rural Development: http://www.rurdev.usda.gov/ca/programs.htm

· California Department of Veteran Affairs: According to website: Competitive market interest rates with low or no down payment that increase your purchasing power and keep your payment down. Expanded eligibility so that nearly any veteran wanting to buy a home in California is eligible.. http://www.calvet.ca.gov/HomeLoans/Default.aspx

· California Department of Housing and Community Development: According to website: HCD administers more than 20 programs that award loans and grants for the construction, acquisition, rehabilitation and preservation of affordable rental and ownership housing, homeless shelters and transitional housing, public facilities and infrastructure, and the development of jobs for lower income workers. Please note that, with rare exceptions, these loans and grants are not made to individuals, but to local public agencies, nonprofit and for-profit housing developers, and service providers. In many cases these agencies then provide funds to individual end users. http://www.hcd.ca.gov/

Hollywood Homes by MC

MC Griffin Campbell, Broker/Owner:  License #: 01819507

Short Sales and Foreclosure Resource (SFR) Certification

Seniors Real Estate Specialist Designation (SRES); MA, M.Div.

323-382-4364: 323-464-5431

Fax #: 323-927-1711   

www.hollywoodhomesbymcampbell.com

email: hollywoodhomesmc@aol.com

 

Comments

By John Pitter,  Mon Dec 17 2012, 22:43
The survey of more than 900 Australian first-home buyers also found women (38 per cent) were more concerned than men (24 per cent) about rising costs.

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