FHA

FHA insured mortgages are historically the most popular choice for home buyers and home owners without a large down payment or with less than perfect credit. Many people think that you have to be a first time buyer to use a FHA insured mortgage to buy a home, and this is simply not true. Also, FHA credit and underwriting standards are less restrictive than conventional financing options. Getting a FHA home loan may be your key to home ownership.

FHA Mortgage Loan Benefits
  • First-time homebuyer advantages
  • 3.5% minimum down payment
  • No minimum borrower contribution required – 100% down payment can be gift
  • Approved buyer assistance can be used up to 100% combined loan to value
  • Seller credit can pay all loan closing costs if negotiated into purchase contract
  • Owner Occupied only – borrower must live in the home as a primary residence
  • Minimum 620 Credit Score
  • Maximum 55% debt to income ratio with automated underwriting approval
Loan Terms
  • 30 Year Fixed
  • 15 Year Fixed
  • 5/1 ARM – Adjustable Rate Mortgage
  • Upfront Mortgage Insurance Premium can be financed into loan amount
  • Annual Mortgage Insurance Premium (paid monthly)
Waiting Periods after Credit Hardship
  • 2 Years from Discharge of Chapter 7 Bankruptcy
  • 1 Year from Discharge of Chapter 13 Bankruptcy
  • 3 Years from Foreclosure, Short Sale or Deed in Lieu of Foreclosure