By Jason Gelios REALTOR®️ FHA mortgages allows you to use funds as a gift for 100% of your down payment. A friend, relative or company can gift you the money so that you can get this type of mortgage at zero down.
Here are some FHA pros: Low down payment requirement of 3.5% Lower interest rates Gift funds can be used to cover down payment Lower credit scores may be approved A higher tolerance of high debt-to-income ratios Mortgage is assumable An easier mortgage to qualify for Sellers can offer up to 6% of the closing costs FHA cons: Purchase price can not exceed the loan limit More paperwork involved Mortgage insurance is more expensive While there are pros and cons to this loan, you will find that there are more pros which makes this type of mortgage a viable option for homebuyers.
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AuthorJason Gelios is a Husband and Father. After that, a Top Producing REALTOR®, Author of the books 'Think like a REALTOR®' and 'Beating The Force Of Average', Creator of The AskJasonGelios Real Estate Show and Expert Media Contributor to media outlets across the country. Archives
February 2025
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