Save for a down payment. The minimum down payment for an FHA loan is 3.5% of the property \ purchase price. This might be a pretty good chunk of money for many home buyers, but don't worry if you're not quite there, you can work on the rest of these steps while you save.
If you're ready to buy a home but don't have enough saved for a traditional 20% down payment, consider a Federal Housing Administration (FHA)-insured mortgage. An FHA-insured mortgage allows for down payments as low as 3.5% of the purchase price! However, the FHA has minimum property condition standards a property needs to meet to be eligible. Here are the main conditions a property needs to meet to qualify for an FHA-insured mortgage:
As long as your home is safe, secure and stable, the FHA will likely not require you to repair every minor defect in the property. Need help finding a home that qualifies? Call me today!
Almost 90% of buyers purchase their home through a real estate agent.
Only Sales Representatives who are licensed members of organized real estate (National Association of REALTORS for US and Canadian Real Estate Association in Canada) con call themselves REALTORS. Only REALTORS are held to a high code of ethical and professional conduct by these organizations. Only REALTORS have access to their market data to provide you with current information to guide you through the buying process. Have a REALTOR to protect your interest.