Are you aware of these FHA loan financing benefits? If not, you should read this before you buy your next Phoenix Arizona home.
I was speaking with a tenant that was living in a home that one of my clients just purchased in Glendale. She had expressed to me that she wished she could purchase a home and specifically the home they were renting. She told me that she thought her credit score was over 700 but didn’t think she could get a loan because of job history and no large down payment.
I let her know that FHA loan financing allows a person to go to school for one year and have it count as job history. This person had worked before she went to school and already had job offers for when she graduated. So she won’t have job history issues. I also reminder her that FHA only required 3.5% down payment and closing costs could be rolled into loan. On a $100,000 purchase that is only $3,500 down and with rates where they are at, they payment would be about $400 less that their rent payment.
There is still other factors to consider, but the moral of this story is that I realized how many people operate off of a lack of information or bad information. I speak to so many people who believe you need 20% down to buy a home these days. I realize that as real estate professionals, we have to continue to reach out and educate so those who desire home ownership truly know what their options are.