FHA LOANS

     The original idea of an FHA loan was to help first-time homebuyers with  moderate to low-incomes own homes  by providing incredibly reasonable and achievable mortgages.  This has changed.  Now FHA offers loans to everyone, regardless of income.  This type of loan is officially considered a 3% down mortgage; but your down payment, closing costs, and pre-paid costs can come from a gift, another secured loan, a retirement fund, an investment, 401K, or any number of approved sources. Past credit problems are probably not an obstacle, as long as they are resolved and over one year in the past. You could have had a Chapter 7 bankruptcy as recently as 2 years ago and still qualify.  

There are exciting new developments in Congress regarding FHA loans.  Learn more about the latest proposals for FHA. 

• Lower required down payment

• FHA loans are assumable* with a qualified borrower

• Higher qualifying ratios of 29% for housing and 41% for total indebtedness on existing construction; 31% for housing and 43% for total indebtedness on new construction

• More flexible underwriting standards

• Gift funds for down payment and closing costs are allowed

• Up-front Mortgage Insurance Premium can be financed

• Less cash out of pocket required

• The lowest down payment (as low as 3%, never more than 5%) requirement of any non-subsidized financing program

• Non-occupant co-borrowers are allowed for qualifying purposes

• Seller allowed to pay prepaid expenses

• Seller can contribute up to 6% of purchase price toward closing cost and discount points

• Charges on conventional loans such as tax service fees, underwriting fees, copy & courier fees are not allowed to be charged to the buyer with FHA loans

• With FHA’s no cost streamlined refinancing you can lower your payment at NO COST to you. Usually, closings can occur within 2-3 weeks.

• Rehab your house with only one loan using the FHA 203K program

• The FHA ARM has the best features on the market with a 1% annual interest rate cap and a 5% lifetime cap

Don't wait! Apply Now