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FHA Loan Details:

Purchase

Easier to Qualify - Because FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements so its easier for you to qualify. 

Less than Perfect Credit - Even if you have had credit problems, such as bankruptcy, its easier for you to qualify for an FHA loan than a conventional loan.

Low Downpayment - We have a low 3.5% downpayment, and that money can come from a family member, or employer as a gift. 

Low Rates - Many times, FHA loans have competitive interest rates because the loans are insured by the Federal Government. Always compare an FHA loan with other loan types.

Help You Keep Your Home - The FHA has been around since 1934 and will continue to be here to protect you when the others walk away. Should you encounter hard-times after buying your home, FHA has many options to help keep you in your home and avoid foreclosure.


Streamline Refinancing:

Reduced amount of documentation and underwriting required.

Basic requirements of a streamline refinance are:

  • The mortgage to be refinanced must already be FHA insured.
  • The mortgage to be refinanced should be current (not delinquent).
  • The refinance is to result in a lowering of the borrower's monthly principal and interest payments.
  • No cash may be taken out on mortgages refinanced using the streamline refinance process.
  • No apprisal is required. 

Lenders may offer streamline refinances in several ways. Some lenders offer "no cost" refinances (actually, no out-of-pocket expenses to the borrower) by charging a higher rate of interest on the new loan than if the borrower financed or paid the closing costs in cash. From this premium, the lender pays any closing costs that are incurred on the transaction.


85% Cash-Out Refinance

We can help current homeowners pull out 85% of your equity. FHA offers a 85% cash-out refinance program with the following conditions:

  • The loan is limited to 85% of the appraised value.
  • The property that is security for the refinanced mortgage must be a 1- or 2-unit dwelling.
  • The borrower as his or her principal residence must have owned the subject property for at least 12 months preceding the date of the loan application.
  • If the property is encumbered by a mortgage, the borrower must have made all of his/her mortgage payments within the month due for the previous 12 months, i.e., no payment may have been more than 30 days late and is current for the month due.
  • Subordinate financing may remain in place, but subordinate to the FHA insured first mortgage, regardless of the total indebtedness or combined loan-to-value ratio, provided the homeowner qualifies for making scheduled payments on all liens.
  • Any co-borrower or co-signer being added to the note must be an occupant of the property.

All FHA Loans:

  • No pre-payment penalties.
  • No income limits.
  • Loan limits vary by county. 

Click here to find the loan limit in your county:  www.Hud.gov

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