FHA Loan Benefits

The Advantages of FHA Include:

• Low cash required - 3% total down payment (can come from a qualified Down Payment Assistance Program - DPA).
• Low closing costs - all mortgage insurance can be financed.
• No cash reserves required (unless 3-4 units).
• Larger seller contributions - up to 6% on a minimum down payment mortgage.
• 100% gifts from family or Down Payment Assistance Program (DPA) allowed.
• Flexible debt ratios with many compensating factors.
• Non-owner occupant co-borrowers are allowed.
• U.S. Citizenship is not required.
• FHA loans are assumable at the note rate (credit qualified).
• Appraisals are good for 6 months.
• Cash out refinances up to 95% with cash out!
• Condominiums are acceptable with 51 percent owner-occupancy within the project (high rises are allowed).
• Non-traditional credit histories can be considered for borrowers with no scores.
• Lower credit scores allowed, but not credit score driven.

Prequalify for an FHA Mortgage