How an FHA Mortgage Loan Could Help a First Time Buyer

When it comes to low down payments, the FHA loan program rises above its competitors. Unfortunately, there are not many low down payment programs available. But, thanks to FHA who has come to the rescue of American homeowners, low down payment options are still available.

For many years, in spite of benefits to FHA low down payment loans, many homeowners could not participate because of FHA restrictions to the size of mortgage loans. Rising home values across the nation made FHA mortgage loans obsolete.

The good news is FHA loan limits increase from time to time, keeping low down payment programs available to thousands of homeowners. Currently, there are limits of up to 729,750 in high cost areas, less elsewhere.

Following are some of the things that an FHA loan has to help a first time buyer: 

·   Competitive FHA mortgage rates

·   Small down payments around 3%

·   Home buying or refinancing okay

·   Friendly qualifying criteria

·   Less closing costs

·   No income restrictions

·   Generous FHA loan limits

·   Stable 30 year fixed rate mortgage

For more great information regarding mortgage rates, go to Is it Time to Buy?

If you want to search the Hoboken and Jersey City MLS, log on www.GreatHomesHoboken.com  For assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.