The Pioneer Building
510 Francis, Suite 220
St. Joseph, MO 64501
(816) 233-3770
(816) 271-8996 (pager)
(816) 233-5299 (fax)
EMail: downer@stjoseph.net
TOTAL MORTGAGE SERVICES
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FHA Loan Questions and Answers
- Can I buy a house with a small down payment?
- Yes, FHA down payments are the lowest of all.
(Example: $45,000 home = down payment as low as $563)
- What if I don't have enough money for a down payment or closing costs?
- You can use a gift of money from a parent or relative for all closing costs and your down payment.
- Can the seller of the house help pay for the closing costs?
- Yes, a seller can pay for all of your closing costs.
- What is the best way to start out with as low of a payment as possible?
- You can utilize the FHA adjustable rate program which can start as low as 7%.
- How much money can I save by using an adjustable rate instead of a fixed rate?
- On a $45,000 house you can save $55 per month for the first year (about $660).
- Can I refinance into a fixed rate?
- Yes, you can refinance into a fixed rate at anytime.
- Will FHA approve someone with not-so-perfect credit?
- Yes, FHA is the most lenient program when considering not-so-perfect credit.
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