Blog, FHA, Loan Programs
FHA Loan Program
November 29, 2009 by Rob Spring · Leave a Comment
FHA Purchase loans are the most popular loan type at Southwest Funding. We close them by the dozens each and every month. There are a few reasons for their popularity:
1. Low out of pocket requirements – You can put as little as 2.25% of the sales price down. That down payment can be a gift and can even be funded by the seller.
2. Flexible Underwriting guidelines and lower credit score requirements – The underwriting process for FHA is not as cut and dry as it is with conventional guidelines. FHA will accept common sense explanations in some cases.
There is room for credit blemishes when using the FHA. They will not penalize you for something that happened 4, 5, 6, or more years ago. Life happens and sometimes financial hardships do to. At Southwest Funding we understand that issues arise and we know how to address them. We are normal people too, therefore we understand. If for some reason you are not approvable now we will help you map out a plan that when implemented will result in an approval in the future!
Call or click here today to get started. 972-422-9016 x 500