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Federal Housing Administration
 The FHA insures your loan so that lenders can offer you better, more affordable rates. Whether you live in a single parent household or a multi-parent household, the FHA can help you purchase a home or remodel the home in which you currently live. FHA programs can even help you make home repairs or energy-efficient improvements. Act now, the FHA can help!
The House and Senate recently passed broad-based housing legislation, which was signed into law by President Bush on July 30, 2008. Heralded as the most sweeping housing reform since the “New Deal”, it includes the creation of a strong regulator for Fannie Mae and Freddie Mac, changes in conforming and FHA loan limits, a comprehensive modernization plan for FHA, and the Hope for Homeowners plan, which may help distressed homeowners by refinancing them into FHA loans.
There are many advantages why you should consider an FHA loan program:
1.- NO FICO - FHA loans are not credit score driven; there is no minimum FICO requirement.
2.- 96.5% FINANCING - FHA loan requires a down payment of 3.5% and maximum LTV cannot exceed 100% with MIP included in the LTV cap.
3.- Seller may pay ALL of buyer’s Closing Costs and Pre Paids up to 6% of the Sale Price.
4.- Cash reserves are not required. The only exception is for 3 &4 unit properties.
5.- Gift Funds - All downpayment funds can be gifted if coming from an approved source. ( Seller's funded DAP is no longer allowed as of Oct 1st 2008 )
6.- Loans are assumable to a qualified individual. FHA loans are assumable with a credit review and approval of the prospective buyer.
7.- Down Payment Assistance Programs (DAPs) are available.
8.- There is no pre-payment penalty.
9.- Citizenship is not required.
FOR MORE INFO VISIT FHA WEB SITE
Start now by filling out the short form below. We do not require your Social Security Number or conduct a credit check when you get pre-qualifed!.
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