FHA LOANS

FHA is most often a great loan program for the first time home buyer or those who have not owned a home within the last three years from date of application. The key component of this program is that it requires very little as a down payment compared to the Conventional Loan program. It can also be used as a refinancing tool for those currently utilizing an FHA mortgage. This type of refinance is also known as a Streamline FHA.

Key points of

  • MINIMUM DOWN PAYMENT OF 3.5%

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 FHA LOANS:

  • MAX LOAN AMOUNTS TO $472,030
  • GIFT OF DOWN PAYMENT FROM FAMILY RELATIVE ALLOWED
  • SELLER CAN CONTRIBUTE UP TO 6% OF PURCHASE PRICE TOWARDS CLOSING COSTS
  • LOWER CREDIT SCORES ALLOWED (SPEAK WITH LOAN CONSULTANT)
  • LOWER INTEREST RATES, typically
  • GOVERNMENT INSURED LOAN PROGRAM; Fixed pMI for life of loan
  • MONTHLY MORTGAGE INSURANCE REQUIRED
  • AVAILABLE FOR PURCHASE / REFINANCE / CASH-OUT
  • STREAMLINE REFINANCE (NO INCOME OR APPRAISAL NECESSARY!!

download purchase checklist

download the new purchase and refinance forms below!

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DOWNLOAD REFINANCE CHECKLIST

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