FHA Mortgages or Home Loans are perfect for the First Time Home Buyer looking to buy a new home in St. Louis, St. Charles or anywhere in Missouri, especially for those first time home buyers with little to no money saved, what's even better is that most first time buyers may qualify for down payment assistance from the State of Missouri or local and municipal grant money. A few cities and counties in our area that provide down payment assistance, St. Charles City, St. Louis County, Florissant, Wentzville, O'Fallon, St. Charles County, St. Louis City, there are more if you want to see if your town or area has down payment assistance for first time home buyers just give me a call or email me. You would never get that level of service from any Bank. FHA Mortgages are also much easier to qualify for so if you have lower income or a lower credit score then most chances are that you would still be able to qualify for an FHA Mortgage. You will be surprised at how easy FHA financing can be.
Mortgages for Anyone
You don't have to be a First Time Buyer to qualify for FHA or HUD loans! No matter how many mortgages you have had and no matter how many homes you may still qualify for FHA mortgage. You can even purchase up to a 4-unit house with a conventional FHA mortgage or refurbish a house that needs a little extra care with an FHA 203k mortgage. There is an FHA Mortgage for just about any home buying situation!
Low Rates Even for Bad Credit
High interest rates do not exist with FHA Mortgages. You will not be sold into a risky subprime adjustable mortgage with unpredictable rates and payments. Your payment will remain fixed for 30 years at a low interest rate! Not matter what your credit you will still get a low interest rate once you are approved for an FHA Mortgage. My company will approve a FHA mortgage from a 580 credit score and higher, with very low market interest rates.
Rates and Payments Start and Stay Low
FHA Loans come in many flavors and many different terms. You can rest easy with an FHA Mortgage since rates and payments start and stay low! Get sound peace of mind and the security of the American Government behind your mortgage.
Qualifications and Pre-Approvals are Free! Getting qualified for an FHA Loan is very easy and the process if free of charge.
The FHA’s mission driven organization encourages home ownership and provides affordable housing opportunities with low down payment and flexible credit requirements.
Since 1934, the FHA has insured over 37 million home mortgages with a market share of 30% in 2010 vs 3% in 2007. In 2009, FHA programs insured nearly 2 million loans, which included 750,000 first-time home buyers.
While most people believe that the FHA lends money directly to borrowers, it’s actually just insures a certain type of loan that is financed by traditional banks and mortgage lenders.
Four of the most visible single family housing programs that FHA offers are, Section 203(b), Section 234(c), Section 203(k) and Home Equity Conversion Mortgages (HECM) – Reverse Mortgages.
FHA Loan Type Highlights:
Section 203(b)
largest of FHA’s single family programs
1-4 unit properties are eligible
flexible credit requirements
3.5% down payment allowed
down payment may be a gift from specific sources
Section 234(c)
provides mortgage insurance for individual condominium units
credit, down payment and limits of 203(b) apply
in 2010, condominium complexes must be approved through HRAP/DELRAP to be eligible for FHA insurance
encourages community and neighborhood revitalization
only 1 mortgage loan is used for both the acquisition and the renovation
1-4 unit properties including condominiums are eligible; check with your lender for manufactured housing eligibility
required improvements include cost effective energy conservation standards and smoke detectors
consultancy may be required
FHA programs go beyond the scope of the previous listed programs. They offer a Streamline Refinance as well as a Streamline 203(k) for limited repairs. Also, recent legislation has helped FHA offer special programs with incentives to lenders for modifying and refinancing existing mortgages like with the “Making Home Affordable Program.”
When looking for a loan program to fit your specific needs, take a close look at FHA as their programs have become more attractive to both lenders and consumers.
With favorable loan terms, higher loan limits, 30 year fixed repayment terms and flexible down payment options, FHA will continue to encourage home ownership, provide liquidity and stability to the mortgage market.
Have Questions?
My name is Bob Rutledge and I am a FHA and First Time Home Buyer Specialist, my offices are in St. Charles and St. Louis but I serve the entire area including every where in the State of Missouri. If you are need help securing financing for your next new home purchase or you have questions and don't know who to ask please feel free to contact me.
Ask Me About The Great Down Payment Assistance Programs That Are Available To First Time Home Buyers
THERE'S MORE, THERE'S ALWAYS MORE!
Thank you for visiting my website, I hope you found what you were looking for. I would appreciate the opportunity to earn the chance to become your loan officer when you purchase your next new home or refinance your current home.
Not all loan officers are the same and not all lenders are the same. I am certain you will not be disappointed if you provide me the time to prove I will be that one loan officer who will show you all your options, get you what you need and want, and if I cannot provide it all to you I will refer you to someone who can, when possible.
If you still have questions, if you want to discuss your situation, if you want to get started, what ever your need, you are always welcome to reach out to me. Please feel free to call or email me.
ASK ME ABOUT:
No Lender Closing Costs - 5% Down Payment Conventional with No Mortgage Insurance - Zero Down Payment - Down Payment Assistance Help - FHA 203k Renovation Mortgage - First Time Home Buyer Programs - USDA Rural Development
NMLS# 297044 State of Missouri# 1365-MLO
BOB RUTLEDGE USA MORTGAGE 12140 Woodcrest Executive Drive Suite 150 Saint Louis, MO 63141
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