FHA General Information
- We will work with you to get pre-approval by obtaining a credit report and helping you complete paperwork determining your income and expenses. Problems can be cleared up and you will be given a full disclosure of all closing costs.
- Easier to Qualify
- Because FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements so it’s easier for you to qualify.
- Less than Perfect Credit
- Even if you have had credit problems, such as bankruptcy, it’s easier for you to qualify for an FHA loan than a conventional loan.
- Low Down Payment
- We have a low 3.5% down payment, and that money can come from a family member, employer or charitable organization. Other loans don’t allow this.
- Costs Less
- Many times, FHA loans have competitive interest rates because the loans are insured by the federal government. Always compare an FHA loan with other loan types.
- Help You Keep Your Home
The FHA has been around since 1934 and will continue to be here to protect you when the others walk away. Should you encounter hard-times after buying your home, FHA has many options to help keep you in your home and avoid foreclosure.- Thanks to the recently-signed Economic Stimulus Act of 2008, the FHA is allowed to temporarily increase its loan limits and insure larger mortgages in high cost areas of the country including San Francisco. Depending on where you live, you could receive a home loan up to $625,500. So act now!
- There is more to buying your home then the monthly house payment. Why not ask for an FHA loan that will help you buy your house and keep it too? Tell your lender you want an FHA loan for all the reasons listed above. FHA is a wise choice and Magna Capital Corporation is your FHA Mortgagee lendor.