Attention Buyers!!! How HUD & the FHA can help you become a homeowner

April 12, 2010 - PRLog -- FHA might be just what you need. Your down payment can be as low as 3% of the purchase price, and most of your closing costs and fees can be included in the loan.  So for example on the home pictured, your down payment would be about a little over $4,000.

FHA, the Federal Housing Administration, is an agency within HUD, The U.S. Department of Housing and Urban Development. FHA was established in 1934 to advance opportunities for lower- and moderate-income American families to own homes. By providing private lenders with mortgage insurance, the FHA gives that lender the security they need to lend to first-time buyers who might not be able to qualify for conventional loans. The FHA has helped more than 26 million Americans buy a home.

To qualify with the FHA, you don't need perfect credit or a high-paying job. The FHA also makes loans more accessible by requiring smaller down payments than conventional loans. In fact, an FHA down payment could be as little as a few months rent. And your monthly payments may not be much more than rent.

FHA loan limits vary from $115,200 in low-cost areas to $208,800 in high-cost areas. The loan maximums for multi-unit homes (FHA loans are available on up to four unit properties) are higher than those for single units and also vary by area.

With the exception of a few additional forms, the FHA loan application process is similar to that of a conventional loan. Contact an FHA approved lender in your area.  For a list of approved lenders you can visit the HUD website at www.HUD.gov

If you would like more detail on the content of this report don’t hesitate to contact us, we are here for all of your real estate needs.  We also have a few lenders that we highly recommend.

* Tucker One Properties, Inc. *

115 E Gregory

Kansas City, Mo 64114

816-523-4400

www.TuckerOneProperties.com

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Tucker One Properties buys, renovates, and sells quality affordable homes in Kansas City and Surrounding areas. Currently with homes in Raytown and Lee's Summit.