|
|
|
FHA Program
- Does not have to be a first-time homebuyer
- No income or geographic restrictions
- Minimum 3.5% down payment
- Funds for closing can come from:
- gift funds from relatives
- grants
- borrower’s own funds
- borrowed funds against secured asset
- Chapter 7 & 13 bankruptcy acceptable (subject to certain restrictions)
- Loan is assumable
- Interest rates are comparable to conventional rates
- Fixed & adjustable rates available
- No prepayment penalties
- Flexible qualifying guidelines
- Cash out refinances up to 85% of the appraisal value
- Rate/term refinances available up to 97.75%
- Streamline refinances available (FHA-to-FHA) - (no appraisal required/no income qualification required)
|
