The FHA program is offered only by HUD APPROVED Lenders. FHA offers low down payment of 3.5%, flexible qualifying guidelines, and a maximum loan amount.
There are lots of reasons to ask for an FHA loan instead of taking a conventional Why not take advantage of the many benefits and protections that only come with FHA
| 1. Easier to Qualify | 2. Low Down payment | |
|---|---|---|
| Because FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements so it’s easier for you to qualify. | Low 3.5% down payment and that money can come from “a gift from a family member, employer or charitable organization. Other loans don’t allow this. | |
| 3. Less than Perfect Credit | 4. Competitive Interest Rates | |
| Even if you have had credit problems, such as bankruptcy, its easier for you to qualify for an FHA loan than a conventional loan. |
Many times, FHA loans have competitive interest rates because the loans are insured by the Federal Government. Always compare an FHA loan with other loan types. |
FHA General Guidelines:
640 credit score and up-
Seller can Pay Up to 3% of your Closing Costs (costs to borrow money)
Owner-occupied primary residence
1 unit only
Warrantable, HUD Approved Condo’s OK…No Mobile Homes
Escrow account for taxes and insurance required
2 months reserves (401k, savings, stocks, bonds, IRA’s, etc….GIFT MONEY IS OK)
30 year fixed fully amortizing fixed rate loans
15 year fixed fully amortizing fixed rate loans
Cash Out Refinances
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NMLS# 318525 Copyright © 2012 Morgan Financial |
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