6/22/2008
 (IRVING, TX – June 22, 2008) – “First-time homebuyers, even those with credit problems, should consider applying for an FHA loan,” said Sue Meyer, president and chief operating officer of Coldwell Banker Residential Brokerage – Dallas/Fort Worth (CBDFW). “Of the many home loan options available, FHA loans are becoming popular, because the down payment can be as low as 3 percent of the purchase price and most of the closing costs and fees can be included in the loan.”
She noted that the FHA loan limit and credit policy are very attractive. “The maximum loan amount for North Texas is $271,050,” she said. “The FHA is also more forgiving of credit challenges.”
Formally known as the Federal Housing Adminstration, FHA aids qualified borrowers in getting loans and assists lenders by reducing their risk in issuing loans. Created by Congress in 1934, the FHA became part of the Department of Housing and Urban Development's Office of Housing (HUD) in 1965.
“Homebuyers can look to our associates for help in obtaining FHA loans,” Mrs. Meyer said. “Our associates receive regular updates in workshops and staff meetings.”
Associates in the firm’s Fort Worth offices, shown in the adjoining photograph, agree that an FHA loan is a splendid option. Advocates from the Westside office are (l-r, back row) Jason Visor, John Allen, and Debbie Angle, and from the Tanglewood office (l-r, front row) are Jennifer Halpenny, Melanie Colson, and Cathy Twist.
“Low down payments, low closing costs and easy credit requirements are the hallmarks of FHA loans, which make them so attractive to qualified homebuyers,” said Jason Visor.
Commenting on the firm’s ability to assist homebuyers, John Allen said, “We have a dedicated processing team that handles government loans. We can use the automated certificate of eligibility to obtain certificate of eligibility online.”
“In this present market, FHA loans have become once again a superb vehicle for homebuyers to buy their first, second, or third home,” said Jennifer Halpenny. “FHA provides several different programs that enable buyers who have little or no money to put down to achieve the American dream of having their own home.”
“FHA loans are great options for my customers,” said Melanie Colson. “Not only are they regulated loans, they allow homebuyers assistance in seller concessions and down payment.”
Pointing out additional benefits of FHA loans, Debbie Angle said, “They are assumable and the best alternative for buyers of manufactured homes. And when rates drop, the customer can streamline the refinancing.”
“Under normal circumstances a buyer must invest up to 3% in the transaction when a seller pays all closing costs and prepaid items,” said Cathy Twist. “However, the FHA allows for the down payment and closing costs to come from a “gift swap” program. The seller is required to contribute 3% of the selling price to an approved nonprofit; AmeriDream, The Nehemiah Program, and The Genesis Program are the three approved gift swap programs that Coldwell Banker Home Loans offers. The gift swap program then allows the buyer to receive a “gift” from the nonprofit organization to circumvent the 3% requirement.”
“Because FHA loans are available, there is every reason that qualified, first-time homebuyers should consider buying a home,” said Mrs. Meyers.
For more information about FHA loans or Coldwell Banker, visit www.cbdfw.com or call the Tanglewood office, 817-924-4144, or the Westside office, 817-731-4421.
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