Am I dreaming or did I just buy a house?

Think you can't afford to buy a home? Think again.

Jul 26, 2012, 6:53 PM Updated: 6:53 pm

Think you can’t afford to buy a home? Think again.

Why put your dream of home ownership off any longer when the FHA can make it happen now?

Before you find that perfect house, you’ll want to get pre-qualified and you’ll want to learn about different financing. Let me introduce you to FHA.

Since 2005, the FHA loan program has seen an increase of over 900 percent. FHA housing loans are one of the best choices for prospective home buyers in today’s market. These government backed loans allow many families to obtain a house by keeping their initial costs as low as possible.

FHA Loans are guaranteed loans, which means that lenders will offer you lower, more affordable rates.

FHA Loan qualifications include two years of steady employment with income remaining similar or increasing. Also, a buyer’s mortgage payment should be about 30% percent of their gross income.

Some of the key benefits of a FHA loan are: a 3.5 percent down payment, low monthly mortgage insurance and low, government-capped closing costs.

Also important to consider are the closing costs when a home is purchased through the FHA loan program. The closing costs and fees that the FHA allows you to finance into your mortgage include:

• Any attorney fees that are associated with the purchase of your home.
• The lender’s loan origination fees.
• Appraisal fees.
• Inspection fees.
• Any deposit verification fees associated with the purchase of the home.
• Any costs associated with the title, including the title search and title insurance for the home.
• Costs associated with preparing documents required for the mortgage loan and purchase of the home.
• The cost of any credit reports that are required for the mortgage loan.
• The cost to have the property surveyed.
• Any recording fees and taxes associated with the purchase of the home.

You can hear Lisa the Lender every Saturday at 3:00 p.m. on That Real Estate Show on News/Talk 92.3 KTAR with Diane Brennan and Linda Williams.