Massachusetts FHA Loan

If you're looking for property in Massachusetts you're going to need a Massachusetts FHA mortgage. While many of the properties in Massachusetts are older, cities are beginning to burst at the seams, with homes up for sale and new homes and condos being built or planned daily. New foundations for neighborhoods are being laid by the minute and there's no better time to be a buyer in the Massachusetts market than right now. Your real estate options are virtually endless in Massachusetts and your loan and mortgage options are plentiful as well, making it easier than ever to become a resident of Massachusetts.

Right now, Boston is more of a buyer's market than ever, making it especially easy to find a million dollar home at a fraction of the cost. It's a supply and demand market, so you'll find yourself paying more for a waterfront or water-view home than for one out in the suburbs.

Most people think that FHA loans in Massachusetts are only for first time home buyers and those with little or no credit. However, a Massachusetts FHA home loan can be handy for buyers of any station in life. If you're looking at that wildly beautiful beachfront property on the Chesapeake Bay, you won't want to wait around for a loan that may take a week or more to procure and approve you and the money you want to spend. That's where FHA loans in MA come into play. The benefits of having an FHA loan in MA include:

• Quick approval-most FHA loans are approved in less than 96 hours
• Low down payments-as low as 3.5%
• Down payment assistance programs if you don't have cash on hand
• Protection clauses for repairs that don't need to be made but are charged anyway

FHA home loans are available with a Massachusetts mortgage company and are not all benefits. There are dozens of requirements, although it still remains the easiest and cheapest ways to get a loan for a new home or other prime real estate property. Some of the requirements for an FHA loan in MA include:

• Any bankruptcy must have occurred at least two years in the past, with good credit since
• Any foreclosures must have occurred at least three years in the past with good credit since
• There are no minimum FICO or credit score requirements
• You are allowed to be self-employed
• If you have been at a job for less than two years but still have equitable savings and salary, you will qualify
• No reserves required
• You must be able to make monthly payments on time and pay for any incurred origination fees, closing costs, etc.

Don't worry if you don't meet all of the above qualifications at once. FHA loans and mortgages are handled on a case by case basis, so your strengths-especially if you have a few great ones-will override your weaknesses and you still may be able to qualify for a loan.

Finding a good Massachusetts FHA mortgage lender is imperative to ensure that you receive the best service possible. The best lenders will adhere to the following characteristics:

• They will offer you the best and most competitive FHA mortgage rates in MA-the current annual interest in Massachusetts are at a high of 6.375%, a low of 5.5% and an average of 5.8%.
• They will describe the finer details of both variable and fixed rate mortgages-a variable mortgage changes with the daily index and a fixed rate stays the same for the life of the mortgage.
• They will explain the caps on FHA loans and where they apply-the caps for FHA loans in Massachusetts are $145,000 for single family mortgages and $500,000 for four-family mortgages depending on which county you purchase your property in.
• They should have flexible qualification guidelines-someone who requires you to have the same job for more than three or four years or requires you to have a specific high credit score to qualify is breaking the FHA rules and should not earn your business.

If your lender meets all of the above standards then you're ready to start shopping around for your perfect dream house on the beautiful beaches of marvelous Massachusetts.