The oddity of the situation is that mortgage rates remain low by historic standards. No less important, plenty of mortgage money is available - it's just not available in some of the loan formats which have become so popular during the past few years.

One of the best choices available today is nothing other than the simple and basic FHA mortgage program. Around since the 1930s, the FHA program has traditionally been a great mortgage choice for first-time borrowers and for those with low and moderate incomes. However, over time the FHA mortgage program has been expanded to the point where it should be considered by the majority of all borrowers.

What makes the FHA program so good? Why has it been used by more than 30 million borrowers? Here are 10 key reasons to consider FHA loans if you're in the market for real estate financing.

1. Unlike the toxic mortgage programs which have become so popular in the past few years - loans which have led to so many foreclosures - the FHA mortgage program is straightforward. It lacks tricks, hidden fees, unexpected costs or dangerous payment increases. In other words, it's a loan program for borrowers who want both financing and financial sanity.

2. FHA loans can often be used instead of subprime financing. The difference? FHA mortgage rates are typically far lower, there are no prepayment fees and you can get fixed-rate FHA loans and lock-in today's interest levels.

3. FHA loans allow you to buy with little down. The FHA program requires just 3% down to purchase a home. Under certain conditions down payment money can be supplied in the form of the gift. Be aware that besides cash for a down payment, additional money will likely be needed for closing costs.

4. Some private-sector mortgage programs require borrowers to prove that they have cash reserves on hand at the time of closing. This means you may need thousands of dollars in savings in addition to the money required for down payment and closing costs. The FHA has no reserve requirement.

5. Under the FHA loan program owners are allowed to provide up to 6% of the sale price in the form of "seller contributions." In a slow market - a market where sellers make concessions to move houses - the seller contribution credit provided by owners can be used to pay buyer closing costs, maybe ALL buyer closing costs except for the down payment. Be aware that any seller contribution must be in writing and part of the purchase agreement reviewed by lenders.

6. If you have been bankrupt or in a foreclosure, then you need to take a look at the FHA program. Under FHA rules, it's possible to qualify for financing in as little as a year - one year for a chapter 13 bankruptcy, two years for a chapter to seven bankruptcy and three years for a foreclosure. Speak with lenders for details and specifics.

7. The FHA may allow you to borrow much more than competing loans programs because it has unusually-liberal qualification standards. With the FHA, as much as 43% of your income can generally be devoted to such recurring monthly costs as housing expenses, auto loans and student debt.

8. You don't have to be a US citizen to get an FHA loan. The FHA says that its program is open to permanent resident aliens who can provide evidence of lawful permanent residency issued by the Bureau of Citizenship and Immigration Services (BCIS), a part of the Department of Homeland Security. Non-permanent resident aliens must show that they are eligible to work in the U.S. by producing an Employment Authorization Document (EAD) issued by BCIS.

9. You qualify for FHA financing on the basis of your credit history, capacity to repay, cash to close and collateral. If you don't have traditional credit, you can show such items as utility payment records, rental payments, automobile insurance payments and other direct reports from credit providers.

10. FHA loans are offered nationwide by thousands and thousands of lenders. Because FHA mortgages are available from so many sources - and because the terms of the loans are identical - it pays to shop around to get the best possible rates when you finance or refinance under the FHA program.

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