RJ Baxter direct: 303-670-0137 or email.  Why work with RJ Baxter?

FHA Home Loans

 

FHA has been around for decades and is now more popular than ever for first time homebuyers and homebuyers with a lack of credit history or minor credit problems in the past.

 

RJ Baxter has years of experience doing FHA loans nationwide!

 

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In the wake of the subprime meltdown that has happened in the spring of 2007, the old standby, FHA, is filling the void for homebuyers who are not being serviced by subprime lenders any more.

 

What is FHA?

 

FHA is a government-backed program which is geared toward first time home buyers.  However, you don't have to be a first time home buyer to take advantage of this program.  FHA has somewhat looser guidelines than traditional bank lenders, allowing for some spotty credit problems or a lack of credit.  If you have had some credit problems in the past and have been shut out of the subprime market because of pull-backs from subprime lenders, FHA may be able to help you buy a home.


Positives of FHA


  • Seller can pay up to 6% (based on sale price) of your closing costs
  • FHA is not credit-score driven
  • "Manual" approval possible if you do not fit FHA guidelines, but have strong factors to offset negatives
  • If you have lack of credit history, can use "alternative" credit lines such as cell phone bill, utility bill, or car insurance
  • Can get approved once you are only 2 years out of a bankruptcy (from discharge date)
  • Collections are acceptable if not too excessive.  Medical collections overlooked.  Collections > 24 months are not considered.  May have to write a letter explaining the circumstances of collection accounts.
  • Judgments and tax liens OK if you are in a payment plan and can document that you have been making payments on time
  • FHA requires a 3% down payment
  • Can receive gift from blood relative for down payment, closing costs, or both
  • Can have co-signer help  you buy a home

Negatives of FHA


  • 3% down payment required.  You may qualify for down payment assistance grants, however.
  • Must work with a lender who is FHA approved in your area.  RJ Baxter can originate FHA loans in nearly all 50 states.

FHA Kiddie Condo Information

 

If you would like to discuss your options to see if you may qualify for an FHA loan, give RJ a call at 303-670-0137

 

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