Ryland Homes effectively uses the FHA program to help homebuyers achieve their dreams of home ownership.
Online PR News – 25-May-2010 – – Ryland Homes, one of the longest operating Southern California homebuilders, has used the FHA program to help homebuyers achieve their dreams of buying a new home.
First-time homebuyers are qualifying for a greater number of new home loans through FHA financing. As a government-insured loan program, FHA financing reduces financial risk and increases the likelihood that a first-time homebuyer will secure a mortgage.
Many first-time homebuyers are having difficulty meeting hefty down payment and stringent credit score policies. FHA financing eases the burden of traditional lending standards to provide more opportunity for eager buyers.
“The first and foremost challenge a first-time homebuyer faces is qualifying for a loan. Saving money, boosting credit and collecting the documentation can be a daunting request”, says Heather Stevenson vice president of Sales and Marketing for Ryland Homes’ Southern California homebuilders division.
Stevenson states, “The buyer only needs 3.5% down as opposed to 20% for a conventional loan. The credit score required for FHA financing is 620 as opposed to 680 with conventional.”
In addition to lower down payments and credit score flexibility, the FHA loan also offers more competitive interest rates as a result of the government-backed program. Lenders will often accommodate the needs of first-time homebuyers with an FHA loan over that of a conventional loan, which presents more risk and accountability.
FHA loans are guaranteed by the Federal Housing Authority in an effort to reduce the risk to lenders and increase borrowing power to qualified applicants.
Interested parties can learn more about the FHA financing program and how to apply by visiting the FHA website.
About Ryland Homes
Ryland Homes is one of the largest Southern California home builders offering new home construction, mortgage, title, and insurance services. With its lending division in operation for more than 30 years, Ryland Homes is positioned to help first-time homebuyers secure a mortgage and a new home. For more information, visit http://www.ryland.com.