RE/MAX Fine Homes - Orange County Real Estate Blog: FHA & First Time Home Buyers

FHA & First Time Home Buyers

There are so many great short sale DEALS out there now.  If you are willing to help your kids purchase their first home, going FHA is the way! FHA loans allow non occupying co-borrowers as long as they are directly related to the primary borrower.  What makes this unique is the primary borrower doesn't need to meet any debt to income qualifying ratio.  They don't even need to have an income stream or job. Interesting statistics...In 2009 24% of single women were 1st time home buyers and 12% were single men. 2/3rds of first time buyers were less than 34 years old. FHA is an incredible program and you only have to put 3.5% down.   

 

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Comment balloon 1 commentLee Ann Canaday • January 07 2010 12:25PM

Comments

Lee Ann,

Let's hope that with the reform that FHA is trying to pass that this does not go away.  FHA is a great, and always has been, tool to use for first time homebuyers.

I would still caution that the primary borrowers, the kids living in the house, make sure that they do not get over their head as they try to move into homeownership.  With the ratio restrictions removed the parents may be contributing more often to the payments than what they had hoped.

Thanks for the post.  Hope you have a great year selling!

Posted by Randy Schulenburg, Schulenburg Realty, Inc. (Schulenburg Realty, Inc.) over 9 years ago

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