FHA Mortgage Loan

Chandler FHA Mortgage Loans

Until just a couple of years ago, FHA mortgage loans weren’t all that popular with people in Chandler. There were plenty of other loan options to choose from like interest only option ARMs, stated income loans and no doc loans — just to name a few.

But when it comes to financing a home in Chandler in today’s lending environment, FHA is back as one of the more popular options for people.

Some of the most popular FHA mortgage options in Chandler include the “regular” FHA 30 year fixed rate loan, the FHA 1 year adjustable loan and the FHA 203k Streamline loan for people who are interested in buying a home that needs just a little fixing up.  And for those seniors who live in the Chandler area (Sun Lakes for example), the FHA HECM reverse mortgage is a popular option.

Chandler FHA Mortgage Information For First Time Home Buyers

When it comes to buying a home in Chandler for first time home buyers, FHA loans are a popular option because of their low down payment options and flexible (or at least more flexible) guidelines. Currently FHA mortgages require a 3.5% down payment and do allow seller concessions. While it is true that FHA guidelines regarding credit scores have increased recently, it is still safe to say that FHA mortgages don’t require as high of a credit score as conventional mortgage programs.

Chandler FHA Mortgage Highlights:

• 3.5% down payment
• Low closing costs
• Fixed rates available
• Up Front Mortgage Insurance required
• Seller paid closing costs allowed

Once you own a home in Chandler and have FHA financing, FHA has made it easy for you to take advantage of lower interest rates through the FHA streamline program.   Just one of the reasons that homeowners in the Chandler area like the FHA streamline refinance program is that it is not always required that you get an appraisal when you participate in the program.

Chandler FHA Mortgage Limits (For Maricopa County)

Chandler area FHA Mortgage limits for Maricopa county for 2009-2010 are:

• One Family Home – $346,250
• Two Family Home – $443,250
• Three Family Home – $535,800
• Four Family Home – $665,850

Chandler FHA Mortgage Experts

I live right here locally in the Chandler area and am a well-qualified FHA mortgage expert.  I have been doing FHA mortgages for years and have the knowledge and experience that is so difficult to find. Work with me to get approved for your Chandler FHA Mortgage today!