Advantages for FHA Financing

Current loan limit for 2010: $291,250 for single family home

 

  1. Low Down Payment! Only 3.5% cash investment required by borrower.
  2. Upfront Mortgage Insurance Premium (UFMIP) may be financed or paid in cash by a seller.
  3. Gifts are permitted for entire down payment and closing costs.
  4. Liberal qualifying ratios. (29% to 45%)
  5. Seller paid contributions allowed up to 3% of sales price for closing costs, discount points, prepaid taxes & insurance and UFMIP.
  6. NO INCOME LIMITS!!
  7. No monetary reserve requirement after closing.
  8. An FHA purchase money mortgage combined with certain down payment assistance programs allow for limited out of pocket cash by the borrowers!!
  9. Liberal rules for non-occupant co-borrowers
  10. High LTV of 85% for cash out refinance
Information Provided by:
Natalie Pigg
American Mortgage
1575 Shiloh Rd, Suite H
652-6677
natalie.pigg@nflp.com