Who can benefit from an FHA loan?

• Borrowers with lower or no credit scores who can’t qualify for conventional loans.
• Borrowers who can’t put 5% minimum down payment.  A lot of first time home buyers.
• Clients with higher debt to income ratios and can’t qualify with conventional.
• Someone who wants to buy multifamily homes and owner occupy one unit with low down payment.
• Clients who can’t qualify with debt to income and need a co-signer.
• Clients who are getting gift money for their down payments.

Loan Program Details

• 3.5% minimum down payment requirement
• Max loan amount will be $498,257
• Upfront Mortgage Insurance premium financed into the loan
• Condominiums are FHA Single Unit Spot Approvals
• No income limits
• Seller concessions up to 6% of sales price
• Gifts allowed