Why I’m giving FHA financing a Thumbs Up!
June 4th, 2008 categories: Financing Programs
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Yesterday I attended our monthly office meeting at the downtown Beverly-Hanks office. Lots of good information is always shared, but our friendly and extremely knowledgeable Beverly-Hanks Mortgage man - Cameron Lewis had some new FHA financing information that was pretty exciting. I want to share with all of you the highlights and details of the program. I encourage you to give me a call if you need any of this info clarified or how we can get it to work in your present situation:
- Up to 97.75% Financing. 3/1, 5/1 ARMS and 30 year fixed.
- Buncombe county Loan Limit:Â $303,750
- Seller Concession: up to 6% of Purchase price
- Borrower required to put 3% of their own funds into transaction - Can be gift funds from a relative or can be the down payment gift from Seller.
Advantage to Borrower
- Purchases:Â 100% Financing with seller assisted down payment
- Refinances:Â Cash-out up to 95% LTV (loan to value), 97% LTV when consolidating 1st and 2nd mortgages.
- No credit is OK - Non Traditional Credit: leases, utility bills may be used as a substitute for credit.
- Non-Occupant Co-Borrowers accepted: Borrower does not need to “reasonably qualify” on their own.
- Can approve with lower credit scores: typically as low as the 550 range - typically collections are not required to be paid to qualify.
- Great rates and low morgage insurance. No rate bumps for credit scores under 720.
- Doublewides/Manufactured/Condos/Multi-Family up to 4 units.
- Not necessary to be a US Citizen or be a Resident Alien: work permit is acceptable.
Just when getting a home loan was looking a bit bleak the FHA comes to the rescue! If you’ve gotten bad news in the past on getting a home loan, this may be the perfect avenue for you to get in a home. One last bit of info on FHA, they do not discriminate based on credit score!! The market couldn’t be better for buyers - What are you waiting for?
