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Hurry Home Buyer: FHA Loan Offers Down Payment as Low as 3.5%

FHA stands for Federal Housing Administration. It is one of the most popular home loan facility under the Federal government in Philadelphia and other places in the country. FHA allows a down payment as low as 3.5% which makes it a favorite among first time home buyers. It provides financial assistance and affordable home buying facility to the lenders.

The FHA Philadelphia mortgage loan is insured under the Federal government. Most lender offers low-interest rates as the mortgage insurance guarantee the settlement of payment at the time of foreclosure. Only lenders approved by the FHA can lend money to the home buyers under the FHA mortgage loan program. Lenders offer FHA loans with a relatively low credit score because their lending amount is directly governed by the FHA and they are reimbursed for any unsettled amount during the foreclosure.

Eligibility for FHA mortgage loan

As every home loan follows a list of criteria to qualify for the loan, FHA also holds standard eligibility criteria for home buyers.

· Must be a first time home buyer
· The property you are willing to buy must not be a commercial property
· The limit of ownership of the property is limited to 4 of which the applicant must own at least one unit
· The applicant must be a lawful US resident with a valid social security number
· The applicant must have 2 years of constant job history or constant employment details
· Pay a minimum of 3.5% down payment along with the consent of a family member to gift your money when needed.
· The property must be appraised by the FHA approved appraiser
· The applicant must have a credit score of 580 and above. However, with the lesser credit score, you are still eligible to get an FHA loan with a higher down payment

Pros and cons of FHA loan

Buying a new home is a greater responsibility. Judge your loan options before you settle into one. If you are unable to understand which loan is best for you, contact your Mortgage Broker Philadelphia today. He will be able to guide you to find the best suitable home loan for you that matches your requirements.

Here are a few pros and cons of FHA loan which will help you analyze whether you should opt for FHA home loan over others.

Pros of FHA loan
· Down payment- One of the reasons why FHA is one of the most liked home loans for new home buyers is because of the lowest down payment option. It allows a down payment as low as 3.5% of the total loan amount. This makes it a great option for those with minimal cash to buy a home.

· Flexible credits- Normally an FHA loan requires a credit score of at least 580. In case a young home buyer has less credit score, he can still buy his house. The option is increased down payment. In such a case, the down payment can go up to 5 to 10% of the total loan amount.

· Home renovations- Along with home buying, you can also use an FHA loan for renovation purposes. It allows homebuyers to buy or renovate homes at a much cheaper rate when compared to conventional home loan methods.
Cons of FHA loan

· Greater risk with a low down payment- When a homebuyer is attracted to a low down payment, he might not be ready to take up the huge financial burden of a home loan. Therefore, one must judge that low down payment does not mean the loan repayment will be less. You have to repay the loan with viable monthly installments. In case you cannot pay back the amount, the house will be seized by the FHA to recover their money.

· Insurance payment- With a low down payment as 3.5% comes to the need for insurance. In FHA loans the borrower must pay an upfront fee of 1.7% for the insurance of the loan. The amount can be otherwise adjusted to the loan amount which will, therefore, increase the installments.

· Ongoing insurance- While you opt for an FHA loan, you must pay an ongoing insurance amount each month. This amount will be calculated along with your monthly payment though the amount can be as low as 0.45% still you have to pay the same until your loan ends.

· Property limitation- FHA home loan is meant for first time home buyers with fewer restrictions. The property must be move-in ready, it should be a non-commercial property with a maximum of 4 family occupancy of which the loan applicant must own a unit as his or her primary residence.

If you find an FHA loan to be your choice, then contact your nearest Mortgage Broker Pittsburg PA. They will be able to bring the best FHA approved lender for your interest.
Latitude Financial.
550 State Road, Suite 103
Bensalem, PA 19020
215-600-1810
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New excise list and tax rates -  50 per cent on Sweetened drinks  100 percent on Electronic smoking devices and tools  100 percent on Liquids used in electronic smoking devices  Minimum Price for Tax Registration -  A minimum price of Dh0.40 must be applied per individual cigarette; and a minimum price of Dh0.10 must be applied on waterpipe tobacco, ready-to-use tobacco or similar product.  Records to be maintained as per Excise Tax Law in Dubai, UAE  A tax registered person is required to maintain the following documents as per the Excise Law in the UAE for a one-year period prior to Excise Tax implementation Accounts and supporting documents of all imported, produced or stockpiled Excise products/ goods. Proof of excise products sold outside the UAE. Supporting documents of excise goods exported outside the UAE. Detailed account of physical inventory held by the taxable person. Account of excise goods if lost or destroyed. Tax record regarding tax due on excise goods imported/manufactured by the taxable person in the UAE. Tax record regarding tax due on excise goods that are purchased or produced for the purpose of stockpiling. Proof of tax deducted on tax paid and submitted on excise goods sold outside the UAE Statement of item-wise details of excise goods physically kept by the taxable person in the context of value and quantity. Statement of information concerning average monthly inventory held by the taxable person. Statement of information concerning average monthly sale for each excise item. Statement of details concerning excise products manufactured by the taxable person. Statement of details concerning excise products purchased from outside the UAE (Import) by the taxable person. Item wise details of Excise goods produced by the taxable person. Item wise details of Excise goods imported by the taxable person. Item wise details of Excise goods sold locally by the taxable person. Item wise details of Excise goods sold outside the UAE (Export) by the taxable person. Item wise details of Excise goods released from the specified designated zone. Details of the companies and retailers the excise products are sold by the taxable person. Tax Compliance and Penalties  FTA has the authority to conduct audits of taxable businesses and then impose penalties on those that do not comply with the law.  FTA’s database is linked directly to the customs department and the taxable items under excise list have item codes that can be easily identified. Following the implementation of excise duties on the newly added items, importers will not be able to clear any of the taxable items through customs if they are not registered with the FTA. The failure to register for excise duties within the deadline invites a penalty of Dh20,000 The failure to register excess existing stocks of taxable items as of December 1, 2019, ahead of January 15, 2020, could invite a penalty of Dh20,000.
Excise Tax Registration - UAE
Excise tax registration A person who conducts (or intends to conduct) activities like producing, importing, transferring or stockpiling of excise goods should pay excise tax.  They must register within 30 days after either the onset of business, or the effective date of the law, whichever is earlier. They cannot be a part of any transaction involving excise goods until they have registered for excise tax in the UAE. There is no registration threshold for excise tax. Exceptions to excise tax registration A person who does not import excise goods regularly will not have to register for excise tax. They will need to prove that they do not import excise goods more than once in six months or four times in twenty-four months. Excise tax will still be due on imports where the value of the excise goods exceeds the duty-free threshold. Excise tax deregistration If a person who has registered for excise tax is no longer dealing with excise goods, they can apply for deregistration. Questions to ask yourself before completing the registration form Should I register for excise tax? Do I plan on supervising a Designated Zone as a warehouse keeper? If yes, you will need to complete additional forms. Do I have all the supporting documentation & information that I’ll need to upload? Am I an authorized signatory of the business being registered (a director, an owner, or someone with the power of attorney to sign on behalf of the business)?