FHA loans are a great program for borrowers. FHA loan limits recently increased and we want to provide you with more information about this particular product. These new loan limits include a maximum amounts include a maximum purchase price with minimum down of 3.5% and a maximum loan limit of $418,750. Contact me today to find out the increases for your specific area.
Is it easy to qualify for an FHA Loan?
FHA insures your client’s mortgage so lenders are more willing to give loans with lower qualifying requirements. This makes it easier for you to qualify for FHA. Rates are low because it is backed by the Federal Government.
What if I have less than perfect credit?
FHA loans have flexible credit guidelines and lower credit scores than conventional loans. Even those in bankruptcy will find it easier to qualify for an FHA loan than a conventional loan. Let me help you build a credit report acceptable to FHA for maximum financing.
What other information is great to know about FHA Loans?
Seller paid closing costs are now reduced to less than $90 total and as much as a 85% cash out is available for refinancing as well as a streamline refi option.
- Higher loan limit options (contact me for specific area amounts)
- As little as 3.5% down payment
- 85% cashout refinance
- Gift funds allowed for purchases
- Non-occupying co-owner
- Chapter 13 ok with 12 months payment history
- Chapter 7 ok if more than 2 years after discharge
- Streamline refi option with or without appraisal