FHA Loan

Gilbert FHA Mortgage Loans

FHA loans weren’t all that popular just a few years ago in Gilbert – but with the credit crisis reaching everyone in America, FHA loans are one of the most common home financing options in Gilbert today. To put it mildly, just a few years ago it was easy to get a mortgage, now you almost have to give dna samples to get a lender to loan you enough money to buy a house.

While there are still a few different types of loan options available, the most popular FHA loan options in Gilbert are the “regular” FHA 30 year fixed mortgage, the FHA 203k streamline mortgage and when rates are low, the FHA 1 year adjustable rate mortgage.  As the baby boomer generation gets older, many seniors are also turning to a FHA reverse mortgage for their retirement goals.

First Time Home Buyers In Gilbert: What You Need To Know

The FHA loan program is popular with many Gilbert residents because the down payment requirement is lower (3.5%) than many conventional financing programs.  FHA loans also have low fixed rate options — which appeal to first time home buyers as well. While it is true that guidelines have gotten tighter over the last 2 years, it is still safe to say that FHA loans have easier guidelines than conventional programs.

Gilbert FHA Loan Highlights:

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

If you live in Gilbert and end up with a FHA loan, one nice thing about the FHA loan program is when it comes time to refinance. FHA has designed the FHA streamline refinance program that will let Gilbert homeowners take advantage of lower interest rates when they are available without having to fully re-qualify for a full-documentation FHA loan.

Gilbert FHA Loan 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

Gilbert  FHA Loan Experts

We live right here in Gilbert and are FHA loan experts. We have worked with thousands of borrowers to help them get their FHA loan closed – fast!