Alaska FHA Mortgage, Benefits and Protections
Alaska FHA Mortgage programs offer unique benefits and protection for home buyers. They provide less risk for the lender, as well as fast closings, competitive rates and foreclosure protections for you.
FHA mortgage programs are insured by the Federal government and are some of the safest products on the market today.
Benefits and protections on an FHA Mortgage:
- More security: FHA insures the mortgage, lowering the risk to the lender.
- Lower down payments: FHA-insured loans have a low 3.5% down payment and that money can be a gift (Lower down payments mean higher loan amounts).
- Lower costs: FHA-insured loans have competitive interest rates because the Federal government insures the loans.
- Less likely foreclosure: The FHA has been around since 1934 and will continue to be here to protect borrowers. Should you encounter hard times after buying, FHA has many options to help keep you in your home and avoid foreclosures.
Why Choose FHA
- Low down payment (3 1/2%)
- Non-occupant co-borrower is permitted.
- Expanded qualifying ratios.
- Low Minimum Credit Scores
- Reduced monthly MIP premiums
- No Prepayment Penalties
- Fully Assumable
- Default assistance
- Lower Premiums
- Non-Credit Qualifying streamline refinances
- Competitive interest rates and lower premiums
- Purchase of a Single Family Residence to a Four-Plex
- Availability in most areas of Alaska, provided the home meet’s HUD’s minimum property standards.
- Flexible Terms. Lenders will offer terms of 15, 20, 25 and 30 year mortgages
- Negotiable: Interest rates are negotiated between the borrower and lender.
Compatible with industry requirements on:
- Appraisal and repair.
- Closing costs.
- Lender insurance.
- Automated Underwriting Systems (AUS) using FHA TOTAL Scorecard.
- Similar documentation for comparable products.
FHA’s loan products meet your needs:Flexible buy and repair with Streamlined 203(k) mortgage.
- Reverse mortgage (HECM).
- 85% cash-out refinances.
- Manufactured homes.
- New Construction – permanent mortgage.
- Works well with Alaska Housing & Finance Authority and other local housing agencies.
I expect the FHA mortgage loan programs to be the loan of choice for most 1st time home buyers in 2009. Be sure to work with a mortgage lender that is knowledgeable and experienced in all aspects of FHA lending.
Rules and guidelines are constantly changing. I am on the cutting edge of every announcement that HUD makes regarding FHA loan programs. Work with a knowledgeable professional, Work with me.
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Jackie Toppin
Mortgage Banker
Mortgage License #100110
Preferred Mortgage
Branch of Residential Mortgage
Mortgage License #100083
3111 “C” Street, Suite 325 Anchorage, AK, 99503 |
Work: 907-261-7655
Fax: 907-261-7543
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