Ann Arbor, Michigan – March 3, 2009 — With all of the uncertainty in today’s mortgage marketplace, FHA loans are a viable option for a variety of home buyers. FHA loans are are insured by the federal government. Consumers with a 620 or higher credit score and looking for a smaller down payment may qualify for an FHA loan.

There is a great deal of information out there about FHA loans and Gold Star Mortgage Financial Group encourages consumers to be aware of the following key points:

• FHA interest rates are the same or better than a conventional interest rate.
• FHA allows for the seller to pay up to 6% for closing costs, where in a conventional loan, the seller can only pay a maximum of 3%.
• On FHA loans, a miniumn credit score of 620 is required to obtain the lowest rate versus a requirement of a 740 credit score on a conventional loan.
• FHA loans now require a 3 ½ % down payment while a conventional loan requires a 10% downpayment.
• On today’s FHA loans, the seller cannot provide the down payment anymore. The buyer can accept a 3 ½ % down payment from an immediate relative.
• FHA loans are viable for both refis and purchases.
• FHA loans are not just for first time home buyers.
• After increasing in 2008, the maxium loan ammount for FHA loans was adjusted for 2009 to reflect current market conditions.

“FHA loans provide a simple option in today’s complex marketplace,” said Dan Cornell, Vice President of Sales at Gold Star Mortgage Financial Group. To find out if an FHA loan is right for you, call 866-843-9618 or visit www.goldstarfinancial.com.

Gold Star Mortgage Financial Group is able to shop among more than 80 banks and lenders to insure their clients have access to the best programs available. They offer services in retail and commerical mortgage loans, insurance, debt consolidation and financial planning. For more inforamtion visit

Interviews with Dan Cornell are available upon request.