FHA loans are designed to help creditworthy lower-income and moderate income individuals and families to buy a home.  These loans are beneficial to those borrowers that wish to put a minimum amount of down payment on the home.  This program also has a little more flexibility in terms of borrower qualifications.

Some of the advantages of the FHA loan are:

  • Low down payment (only 3.5% may be required)
  • Down payment may also be in the form of a qualified Down Payment Assistance program or bona fide gift
  • Seller contributions are allowed
  • More flexible underwriting (approval)
  • Closing costs that lenders can charge are restricted
  • FHA loans are “assumable” to other qualified buyers
  • FHA Refinances can be streamlined (less documentation required for approval)
  • Some closing costs may be financed (less out of pocket expenses)
  • Some FHA loans allow for Energy Efficiency credits
  • Some FHA loans can allocate costs for repair/upgrade within the loan
  • The FHA loan is covered by a government loan insurance program which makes it more desirable for lenders and other institutions

580 Credit Scores for FHA

580 Minimum credit score * Must have 12 month Cancelled Rent Checks * Rental Management Verification of Rent * 1 Month Reserve Payments after settlement

Ultimate Advantage

Get the ULTIMATE ADVANTAGE!!!!!!

Features:

  • Qualify for a larger home with lower payments!!!!!
  • Financed or Non-Financed Mortgage Insurance!!!!
  • Save money at the table and over the life of your loan!!!!

FHA Streamline 203k

The Federal Housing Administration's (FHA) Streamlined 203K Rehabilitation Loan is an easy to use mortgage program specifically designed for those who wish to make improvements on a home they own, or would like to buy. Rather than having to obtain a separate loan to finance the cost of repairs (or walking away from a home they love because they don't have the cash for home improvements), the Streamlined 203K rehabilitation loan allows you to finance these costs -- up to $35,000 -- within your FHA purchase or refinance itself.

Features:

  • Repair, replace, and upgrade roofs, gutters and downspouts
  • HVAC systems (heating, vacuum, and AC)
  • Plumbing and electrical systems
  • Flooring, exterior decks, patios, and porches
  • Minor remodeling that does not involve structural repairs
  • Interior and exterior painting
  • Weatherization, including doors, windows, insulation, stripping, etc
  • Appliance purchase & installation (ie kitchen appliances, washer, dryer)
  • Energy efficient upgrades
  • Lead-based paint removal & stabilization
  • Exterior wall re-siding and more!

FHA 203K

The standard FHA 203k loan is used to purchase or refinance a home that needs major rehabilitation, or when the repairs are structural in nature. The standard 203k loan is also used when the total renovation costs exceed the $35,000 limit of the 203k streamline loan.

Features:

  • The Federal Housing Administration's (FHA) 203K Rehabilitation Loan is an easy to use mortgage program specifically designed for those who wish to make improvements on an owner occupied home they own, or would like to buy.
  • Rather than having to obtain a separate loan to finance the cost of repairs (or walking away from a home they love because they don't have the cash for home improvements), the FHA 203K rehabilitation loan allows you to finance the rehab costs within the first mortgage loan.
  • FHA 203K: The standard FHA 203k loan is used to purchase or refinance a home that needs major rehabilitation, or when the repairs are structural in nature. The standard 203k loan is also used when the total renovation costs exceed the $35,000 limit of the 203k streamline loan. Also, the borrowers will receive an added layer of protection from the use of a 203k consultant. 203k Consultants are experts in their field and are used to safeguard against under or over estimating the cost of the repairs.

The Home Affordable Refinance Program is designed to assist homeowners in refinancing their mortgages even if they owe more than the home's current value.

Features:

  • Available for: - Refinance
  • Terms: - 10, 15, 20, 25, 30 year fixed - Fully Amortizing
  • Eligible Borrowers: - Approve Eligible EAI, EAII, EAIII
  • Appraisals: - Property Inspection Waivers (PIW) are acceptable with no limit to LTV or CLTV as per the DU® findings
  • Also accepting loans where DU findings require appraisal
  • Residence Types: - Primary Residence (Owner Occupied, 1-4 Unit),
  • Second/Vacation Home (1 Unit),
  • 1-4 Unit Investment properties, and Condos (Limited Review Condo Questionnaire).
  • Ineligible Property: - Non-Approved and non-warranty condos
  • Co-ops
  • Single-wide manufactured homes
  • Loan Amount: No Minimum - Maximum Conforming and High Balance Loan Limits.
  • LTV/CLTV/HCLTV: Unlimited - per DU findings.
  • FICO: 580 +

The amount of money you can borrow, (which typically determine the cost of the home you can afford), is set by the US Government.  Contact Us for more information on FHA loans.

The Federal Housing Administration (FHA) is a division of Housing and urban Development (HUD).