The government FHA loan enables buyers to purchase a home with as little as 3.5% downpayment.  The minimum downpayment of 3.5% of the home purchase price must be from buyer(s) own funds. Closing costs can be a gift from an immediate family member, relative or seller.  In addition, 2.25% mortgage insurance is a required and can be financed in the mortgage amount.  If you don't have the 20% downpayment, you can avoid borrowering a loan from you 401k plan because you will lose the tax advantage of tax deferred growth.  

Minimal Down Payment and Closing Costs.

• Downpayment less than 3.5% of Sales Price
• 100% Financing options available*
• Gift for downpayment and closing costs allowed.
• No reserves or required.
• FHA regulated closing costs.
• Seller can credit up to 6% of sales price towards buyers costs.

• Easier Credit Qualifying Guidelines such as:

• Minimum FICO credit score of 620.
• FHA will allow a home purchase two years after a Bankruptcy.
• FHA will allow a home purchase  three years after a Foreclosure. 

• Easier Debt Ratio & Job Requirement Guidelines such as:

• Higher Debt Ratio's than other home loan programs. Ratios as high as 55% of gross income. 
• Less than two years on the job is allowed.
• Self-Employed individuals must file federal taxes for a minimum of two years. Income cannot decrease from year-to-year.

These advantages of the FHA loan program has made it one of the best options for most first time home buyers as well as move-up home buyers.

You do not have to be a first time buyer to obtain a FHA loan, anyone may use a FHA loan as long as you do not have more than one FHA insured loan at any one time.

Following is a list of some the various type of FHA loan programs available. Next to the name of the program is a brief description of the FHA mortgage program. Once you find a program that best suites your needs, please click on it for a detailed program description

• Single Family Home - Basic FHA loan program for single family homes.
• Two Family, Three Family or Four Family Units - Basic FHA loan program for multi family homes.
• Fixed Rate Loan - Basic FHA fixed rate mortgage loan program.        
• Adjustable Rate Mortgage (ARM) - Basic FHA adjustable rate mortgage loan program.

• Buydown FHA Loans - Low Start Rate FHA buy-down loan program.

• HUD Homes - Financing for HUD homes with as little as $100 down.       

• 203K - Home improvement & major remodel loan program

Call Ted Ark for your mortgage financing at 908-722-9217.  Golden Mortgage Corporation is a Accredited Business of the Better Business Bureau Serving New Jersey.