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Home A Great Time For First Time Buyers - FHA ...

A Great Time For First Time Buyers - FHA Loans

1st time buyerMy oldest son, Cory is considering purchasing his first home as he is relocating back to Gilbert, Arizona this next week. He has been living and working on the east coast with a gaming company as an artist after college. He is ready to get back to Arizona and "start settling down," he says! (Does that mean maybe a girlfriend, wife, daughter in-law and grandbabies!!??)

We have had a few discussions about his options as a first time buyer. The combination ofCory & Me being a Mom and a licensed REALTOR in Arizona I of course had to share my two-cents worth and have been encouraging him on the benefits of home ownership. Being a single guy in his late 20's with low overhead it seems more than practical for his situation. I have two grown sons that I have been talking a lot about getting into their own homes. I hope this little bit of information here will get them started on a good way to help them and perhaps spur them into researching further into their options available to them. DREAM BIG!

Even though we have experienced a recent slowdown in the Valley's housing market, prices haven't dipped enough to make it easier for first-time home buyers to find houses they can afford.

boysOur current market is a great one for first-time and low- to moderate-income home buyers. With low mortgage rates and programs to aid inexperienced buyers are helping some. If you have fairly decent credit and stable employment it's very likely that being included as a homeowner is very possible for you.

Federal Housing Administration (also know as FHA) is one of the biggest programs to help first-time buyers.

So you ask, "How can an FHA help me buy a home?"

Let me count the ways...

Easier to Qualify:
FHA Because FHA insures your mortgage, lenders may be more willing to give you loan terms that make it easier for you to qualify. An FHA insured mortgage may be used to purchase or refinance a new or existing 1-4 family home, a condominium unit or a manufactured housing unit (provided the manufactured housing unit is on a permanent foundation).

Less than Perfect Credit:
FHA loans do not require a perfect credit score. FHA is more concerned about if you have paid your bills on time for the past 12 months and not having any open collections. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a conventional loan.

Low Down Payment:

FHAloans have a low 3% down-payment and that money can come from a family member, employer or charitable organization as a gift. Other loan programs don't allow this. A FHA loan in Maricopa County is $263,150. It varies by market because home prices vary by city. The median price of an existing house in the Valley is $263,500.

FHA Housing Loans are great for families looking to purchase a home but haven't had time to put money away for the purchase. FHA Housing Loans are also set up to help recent college graduates obtain a mortgage for a home purchase. Many newlyweds take advantage of the lower payments and lowered starting costs to their first home purchase as well.


Costs Less:

FHA loans have been known to have competitive interest rates because the Federal government is the one who insures the loans. FHA does not provide direct financing nor does it set the interest rates on the mortgages it insures. For the best interest rate and terms on a mortgage, you should compare mortgages from several different lenders. In order to initiate the loan application process, please contact an FHA approved lender

Here are a few recommendations here in the Valley of the Sun:

Aimee & Shailesh Ghimire - Phoenix Home Loan Experts

Visit the Arizona Mortgage Guru blog for all your home financing options

FHA information from Shailesh & Aimee Click Here to Continue

Karen George - National Wholesale Mortgage

FHA information from Karen Click Here to Continue

Helps You Keep Your Home:

FHA loans have been around for a while, in fact since 1934. Should you encounter hard times after buying your home, FHA has many options to help you keep you in your home and avoid foreclosure.

Some homeowners, who went for adjustable rate mortgages during the past few years so they could afford metropolitan Phoenix's higher home prices, are feeling the squeeze now and many have or are in danger of losing their homes.

First-time buyers eager to get into a home of their own should take heed these tips:

Figuring out the benefits of buying your first home.

  • Buyers shouldn't try to buy more than they can afford. Be wise and know what you can and can't afford. Be realistic.
  • Carefully calculate the difference between the rent you are currently paying and your potential mortgage payments.
  • You should never put yourself in a situation where it makes your life painful or completely mortgage poor.

If you need assistance and help with buying your first home or possibly relocating to the Phoenix area, please feel free to contact me so that I can assist you along the way! I will be happy to show you the fantastic communities we have locally. I would be happy to set you up on an automatic property search with your very own personal web-page showing properties that fit your criteria. Call me today and let me help you make your dream come true!


Meet Candace Robinson Click Here

Candace Robinson is an Arizona Licensed REALTOR® with Home Smart Real Estate in Mesa, Arizona. Information is deemed reliable but not guaranteed. Information can change without notice. 1521 E. Elliot Rd. Ste 101 Gilbert, Arizona Search the entire MLS Copyright ©2007 CKR

1745 S. Alma School Rd. / Suite 115 / Mesa, Arizona / 85210
www.PhoenixHousingBlog.com CRobinson@HSmove.com
Posted Sunday Oct 07