PRODUCTS
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FHA has increased loans to $271,000
3.5% Down Payment
Seller can pay buyers closing cost
Down payment can come from a grant
3.5% Down Payment
Seller can pay buyers closing cost
Down payment can come from a grant
Advantages of Using FHA Financing
1) Low down payment with 3.5% borrower investment
2) Gifts are permitted for entire 3.5% borrower investment
3) Gifts are permitted for all closing costs & pre paid items
4) Down payment assistance programs are permitted for your 3.5%
5) Seller can pay your closing cost and pre-paids up to 6% of sales price
6) You will have Mortgage Insurance Premium (MIP) can be financed.
7) Monthly (MIP) is lower than many conventional programs
8) Some reserves required
9) No income limits
10) Permits non-occupying co-borrowers without separate qualifying ratios
11) Does not require collections to be paid off in most cases
12) Clean credit in the last 12-24 months, foreclosure more than 3 years from application, foreclosure
more than 3 years from application date, Bankruptcy must be discharged full 2 years with no
adverse credit since.
13) 6 months on job after entering work force. FHA doesn't look poorly on job hopping
14) Must occupy property as primary residence
15) Multi Family (up to 4 units with owner occupancy)
16) Condominiums (must be FHA approved or spot approved)
17) Cash out refinances up to 97.5% LTV
1) Low down payment with 3.5% borrower investment
2) Gifts are permitted for entire 3.5% borrower investment
3) Gifts are permitted for all closing costs & pre paid items
4) Down payment assistance programs are permitted for your 3.5%
5) Seller can pay your closing cost and pre-paids up to 6% of sales price
6) You will have Mortgage Insurance Premium (MIP) can be financed.
7) Monthly (MIP) is lower than many conventional programs
8) Some reserves required
9) No income limits
10) Permits non-occupying co-borrowers without separate qualifying ratios
11) Does not require collections to be paid off in most cases
12) Clean credit in the last 12-24 months, foreclosure more than 3 years from application, foreclosure
more than 3 years from application date, Bankruptcy must be discharged full 2 years with no
adverse credit since.
13) 6 months on job after entering work force. FHA doesn't look poorly on job hopping
14) Must occupy property as primary residence
15) Multi Family (up to 4 units with owner occupancy)
16) Condominiums (must be FHA approved or spot approved)
17) Cash out refinances up to 97.5% LTV