Economic stimulus package and what it means to you the buyer

By
Real Estate Broker Owner with American Homes of S.I.

Now that the president has signed the stimulus package,FHA reform is right around the corner.What does it all mean?In a nut shell,when the FHA loan limits increase,it will enable many buyers that have had difficulty qualifying for a mortgage the ability to get back in the hunt. A FHA loan is not credit driven,so,if your credit is less than perfect fear not!If you have a low downpayment that's ok too! Fha loans can be aquired using less than 3% down and up to a 6% sellers concession is permitted.The loans are fixed 30 year and offer very competitive  rates. Here's what you'll need to get started;

1. A 2 year work history

2.Proof of income (w2's & paystubs)

3. Landord and rental information for the past 2 years

4.Paystubs covering a 1 month period

5.Proof of citizenship or resident alien card

6.Picture I.D.

We currently carry an extensive inventory that meets FHA guidelines.Sometimes a call can change your life.

Call us today to schedule a free no obligation pre-approval.

Ron Molcho..Managing Broker @ American Homes of S.I...718-981-3400  

 

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Location:
New York Richmond County Staten Island
Tags:
1st time buyers
fha
grants
sellers
buyers

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