Mortgage Minute: FHA

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Home ownership has long been recognized as a major component of the American Dream. The Federal Housing Administration's loan programs enable more buyers to qualify for a mortgage. With more flexible credit guidelines, FHA mortgages can be a viable choice for first time buyers, buyers with less than perfect credit, self-employed buyers, buyers with limited liquid assets for a down payment, or buyers with short or interrupted employment histories. FHA loans can also be used to refinance an existing mortgage.
The down payment on an FHA loan can be as low as 3.5 % of the purchase price. To reduce the amount of cash needed at closing, the upfront mortgage insurance premium can be included in the mortgage. Under certain conditions, borrowers will be responsible for paying monthly mortgage insurance premiums.
Review the information on www.fha.gov and contact your mortgage professional for details on how an FHA mortgage may help you afford a new home.


For more information, please contact a Citi Mortgage Consultant at 1-877-693-0217.

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