FHA LOANS

 

When is an FHA loan the most practical?.

An FHA loan is a mortgage issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA). Designed for low-to-moderate income borrowers, FHA loans require lower minimum down payments and credit scores than many conventional loans.  lenders are more willing to approve applications.

Some key features of FHA loans include:

• Make a down payment as low as 3.5% 
• Get approved to borrow, even with problematic credit

• Buy single-family homes, condos, multi-unit properties, and manufactured homes
• Get extra funding for renovations and repairs with FHA 203k program

• Fund your down payment with gift money or help from the seller

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   FHA STANDARD & HIGH BALANCE

  • 500 FICO up to 90% LTV

  • 580 FICO up to 96.5% LTV

  • Gifted funds are allowed for entire down payment and prepaid items

  • Manual underwriting

  • Non-traditional credit

  • W-2 programs available**

  • Manufactured homes may be eligible

  FHA STREAMLINES

  • No min FICO if no lates in past 6 months

  • Non-owner occupied OK

  • Odd year terms available

   FHA 203K LIMITED

  • 500 FICO up to 90% LTV

  • 580 FICO up to 96.5% LTV

  • Minimum total repair cost $5k

  • Improvements/upgrades up to $35K

  • Max DTI 45%/49.99% with 620 FICO***

  • Manufactured homes capped at $10K

   FHA 203K FULL

  • 500 FICO up to 90% LTV

  • 580 FICO up to 96.5% LTV

  • Minimum total repair cost $5k

  • Maximum total repair cost is 50%
    of "subject to" appraised value

  • Max DTI 45%/49.99% with 620 FICO'