FHA LOANS
The Federal Housing Administration (FHA) was established by the federal government in 1937 to make home ownership possible for more people and to administer the home loan insurance program. It was consolidated into the Department of Housing and Urban Development (HUD) in 1965.
Highlights:
- Allows for a minimum 3.5% down payment of the purchase price
- Closing costs can be paid for up to 6% of the sales price can be paid for by the seller if negotiated within the sales contract.
- Underwriting guidelines can be flexible with previous credit challenges such a late payments, bankruptcies, repossessions, etc.
- Minimum credit scores are required
- 0 Credit Score underwriting exceptions possible
- Monthly paid mortgage insurance premiums (MIP) required along with a one time financed Up Front Mortgage Insurance Premium (UFMIP) that is paid at closing.
- Eligible State, County, and City down payment assistance (DPA) programs can be used provided the borrower is able to qualify for both the FHA mortgage and with the DPA guidelines. Even though this form of assistance is permissible with FHA, underwriting guidelines from lenders or banks always have the final approval with what will be allowed.
- U.S. Citizens & Permanent Residents; Non-Permanent Residents may also qualify
- Primary Residences Only / Owner Occupied
- *Special financing programs allowed for existing HUD foreclosures – See Below*
HUD REO $100 Down Payment Program*
- $100 down payment with FHA financing
- 620 Minimum Credit Score
- Eligible for up to $5,000 in escrowed repairs
- HUD may provide seller concessions up to 3% towards buyer closing costs
- Fixed Interest Rates
- Only eligible properties are allowed for this program. Please contact us for more details.
- Single Family Homes, Townhomes (No Manufactured Homes for this option)
- Condominiums (Prior approval by FHA Field Office is required)
- Eligible properties found at: www.HUDHomeStore.com For more details: Florida, Texas, Tennessee
Manufactured Homes
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