FHA Fact Sheet financing can often work for borrowers who wouldn’t otherwise qualify for a traditional home loan or would be subject to higher interest and high mortgage insurance.
Here are some FHA highlights:
• 3.5% down payment required — and the down payment can be from a qualified gift
• Allows a non-occupant family member to co-sign (single-family homes only)
• Flexible underwriting
• Roll in non-structural rehab work for purchases and refinances up to $35,000
• Do not have to be first time homebuyers
• No income limits
• Federal mortgage insurance is less expensive than private mortgage insurance (PMI)
• Property condition standards are much more relaxed than they used to be
• Cash-out refinancing up to 85% loan-to-value
• 30- and 15-year fixed and 3/1 and 5/1 ARMs available
• No reserve requirements for one- and two-unit properties
I would love to talk with you about your options and discuss whether an FHA loan might be right for you.
Mortgage Loan Manager
Mission San Jose Mortgage
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