Loan


FHA Loan Down Payment

According to the federal down payment assistance program, the mission of the Federal Housing Administration (FHA) has been to provide insurance services for money-lending institutions and home sellers participating in down payment assistance programs. The FHA is authorized to check potential home buyers’ credit histories and their financial statuses. Until October 1, 2008, it was not uncommon for home sellers to partially cover for down payments and thus help buyers make a down payment.

Loans are not granted to everyone. In order to qualify for a FHA loan down payment, a client should prove that he/she has no estate property in possession. Besides, the client is going to have to prove that he/she has been ‘homeless’ for at least 3 years to constitute a first time home buyer.

Next, the client needs to choose a lending organization offering acceptable terms. It must be remembered that zero down payments are no longer common. During the 2000s, many borrowers with immaculate credit records could enjoy a zero-down-payment scheme. In other words, they did not have to pay down a penny. Unfortunately, that was way too generous and many borrowers failed to discharge their debts, which actually resulted in a severe mortgage crisis.

For this reason, whatever kind of lender you choose, you should not expect them to offer you a zero down payment. The same goes about home sellers. You should not expect them to partially pay for you, because FDA assistance programs do not include the seller-funded support any longer, as it was abolished in compliance with the Housing and Economic Recovery Act, which took effect on October 2008. There is just one exception: zero payment loans are still granted by the Department of Veterans. In any event, you should take your time and study as many FHA loan down payment options as possible.


Tags: online pay credit payment billpay online online payments

Similar articles

Imprest Balance

An imprest balance is aimed at providing sufficient amount of cash to cover minor expenditures that a business may have on a regular basis. These expenditures may include miscellaneous office supplies, business lunch, minor travel expenses and other related outlays.

Payday loans without direct deposit

A payday loan is a great opportunity for you to solve your financial problems and get through to your next payday. Many people refuse to go for it because most federal and private lenders require that clients open checking accounts and make direct deposits. Today, there is a growing number of lenders, who offer payday loans without direct deposits.

Online Checking Account

If you want to get and spend money through credit cards, debit cards, checks, various ATMs, and online e-commerce websites, the best option for you is an online checking account. You will get all the features of a standard checking account plus the convenience and security offered by online payment systems.

Payment Processing

Payment processing services play a major role in the life of businesses offering their services through the Internet. More and more customers today expect an online payment option – and this, in its turn, can greatly improve cash flow, which is very important in the current economical conditions.

They search here

fha loan down payment fha loan down down payment