There are many reasons to purchase a home using an FHA loan -vs- a conventional or sub-prime loan. Some of the benefits of getting an FHA loan are:

Easier to Qualify: Because FHA insures your mortgage, lenders are much more willing to give you a loan with lower qualifying requirements. So it's easier for you to qualify.

Less than perfect credit: FHA only requires 3% as a down payment. And guess what! That 3% can come from a family member, employer or charitable organization. Many other loans do not allow this.

Costs less: Many times, FHA loans have very competitive interest rates because the loans are insured by the Federal Government. Below, shows an example of a FHA loan -vs- a conventional loan.

	Conventional		FHA
P&I Pmt	$    1,123.92		$1,164.80
Insurance	$         33.75		$     33.75
Taxes	$       208.33		$   208.33
PMI / MIP	$       142.50		$     80.83
	$    1,508.50		$1,487.71

The numbers above were based on a single family home with a purchase price of $200,000. The conventional loan requires 5% down and FHA only requires 3% down. Both loans were using the same interest rate (5.875% on a 30 yr fixed loan) and the borrower had a 640 credit score. As you can obviously see. Not only is your payment $20 per month less by getting an FHA loan but you will also have to put less money down to get into the home.

Call me today and let me show you how to leverage your hard earned money and to make more money for you in the long run.