Benefits of a FHA Home Loan
Purchase Loan
- Simple Qualifying
- Small Down Payment – Only 3.5% Required
- 100% Financing Allowed with Approved Gift Fund Source
- Seller Paid Closing Costs to 6%
- Flexible Underwriting
- Higher Debt to Income Ratios Allowed
- Lower Credit Scores Allowed
- 600 with 3.5% Down Payment
- Manufactured Housing OK (Subject to Restrictions)
Refinance Loan
- Streamline Option – Rate and Term Only
- No Appraisal / No Income Required
- Full Documentation
- Rate and Term / Cash out options
- Costs can be rolled into the loan
FHA mortgages offer down payments as low as 3.5%, which can include the use of gift funds. You do not need to meet low-to-moderate income requirements to qualify for this government insured loan.
- Loan Amount: (Metro) 1 unit $308,200, 2 unit $394,550, 3 unit $476,900, 4 unit $592,700
- Loan Amount: (Non-Metro) 1 unit $275,650, 2 unit $352,925, 3 unit $426,600, 4 unit $530,125
- Terms: Up to 30 Years
- Financing (Purchase): up to 96.5% of loan value
- Financing (Refinance): up to 97% of loan value
- Zero closing cost option
- Financing (Cash Out) Option: up to 80% of loan value
- No appraisal required (Streamlines and HUD homes)
- $100 cash investment program on purchase
| Table Header | Table Header |
|---|---|
| Minimum FICO Credit Score | 620 |
| Minimum Down Payment | 3.5% |
| Maximum Loan To Value | 96.5%* |
| Maximum Debt To Income | 50%* Exceptions to 55% |
| Mortgage Insurance | Yes |
| Years Since Bankruptcy | 2 |
| Years Since Foreclosure | 3 |
| Years Since Short Sale | 3 |
| Special Qualification Requirements | None |
