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Alaska Home Loans - FHA Home Loans

  • FHA program opens up opportunities that conventional mortgages do not offer:
  • Expanded Debt Ratios to 29%/41%
  • Non-traditional credit history is considered
  • Expanded credit criteria
  • All of the down payment may be gifted
  • Seller may contribute up to 6% toward the closing costs.
  • Non-occupant cosigners are allowed.
  • 401-k loans are not counted in the debt ratios.
In 1937, under an act of Congress, the Federal Housing Administration was established to provide American families with a unique opportunity to become home owners. Formerly, a home buyer's options were only limited to short term loans ranging from 1 to 5 years in term. Borrowers had to put as much as 40 to 50 percent down on the property and pay off the entire loan balance by the end of the term. FHA revolutionized the mortgage industry at the time by offering the 30 year mortgage and made the possibility of home ownership available to Americans nationwide. Throughout the years, a variety of programs have spawned from this revolution to make home ownership easier, more affordable, and attainable to Americans.


 

 

 


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