Home Loans California & Arizona

FHA purchase home loan program in Goodyear, Arizona, who does them

April 22nd, 2020 2:28 PM by Nathan Rufty

You will find many home loan programs available to finance your new home purchase in Goodyear Arizona. You need to research the different programs available and choose the one that best fits your needs. One of the best ones available is the FHA Home Loan Program.

Although the FHA Home Loan Program was designed for first time home buyers, anyone may apply for the program. Not only can a FHA Mortgage Loan be used to finance the purchase of a new primary residence but also you can use it to refinance your existing home mortgage loan.



There are many benefits to the FHA Home Loan Program in Goodyear Arizona.

1. Low Down Payment Requirement

A FHA home mortgage loan has a lower down payment than a conventional loan.

The down payment requirement currently is as low as 3.5% of the purchase price. And here is some more good news, the down payment funds can come from many different sources such as a gift from a member of your family, your church, or a withdrawal from your 401K. It could, of course, come from your own savings.

Because you can get the down payment funds from many different sources, it will make it a lot easier to purchase your home.

2. Seller Can Help Pay Your Closing Costs

The FHA Home Loan Program will allow the Seller to contribute up to 3% towards to your closing costs on your new home.

This will allow you to purchase a new home without any funds if you can get a gift from a family member for the down payment and ask the Seller to pay up to 3% of the closing costs. The closing costs that the Seller can pay include also the "pre-paids" such as property taxes, home insurance, and interest.

3. The Interest Rates Are Low

The FHA mortgage interest rates are very competitive if not lower than most other home loan rates. Although in today's mortgage market you will need around 620 credit score to get a FHA Mortgage Loan, the FHA interest rate is not tied to your credit scores.

4. You Can Refinance With A FHA Streamline Mortgage Refinance Loan

If you already have a FHA mortgage loan one of the great benefits is you can refinance using a FHA Streamline Mortgage Refinance Loan.

This type of refinancing loan is when you already have an existing FHA mortgage and you want to refinance it into a new FHA mortgage. You can do this without limited paperwork and a lot less cost.

The FHA Home Loan Program is a great way to purchase your new home with a low down payment, low interest rate, and the opportunity to refinance it with limited paperwork and cost. The best place to get additional information is the Internet. You will find many websites with FHA Loans Information that will help you with the financing of your new home!

Ready for your FHA purchase home loan program in Goodyear Arizona Call Nathan Rufty at (623) 850-1210

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