This is a standard FHA government insured loan. This is an ideal loan for first time buyers wishing to purchase with a minimal down payment. The credit and asset requirements are more flexible than conventional loans.
| Credit score: | 620 minimum |
| Property type: | 1-4 units, Condo, PUD |
| Occupancy: | Primary residence |
| Down Payment: | 3.5% minimum |
| Loan to Value: | 96.5% Max. CLTV: 100% |
| Gift Funds | Allowed. No minimum buyer contribution required. |
| Closing cost: | Seller and/or lender can pay up to 6% |
| Debt Ratio: | 43% with compensating factors up to 46/56% |
Additional Notes:
- Condos must be FHA approved
- Lender-paid closing cost (closing cost assistance program available)
- Unpermitted additions will not be given any value
- Bankruptcy 2 yrs, Foreclosure 3 yrs ( standard rule ), shortside 3 yrs ( standard )
- First time buyer not required. Must be primary residence
- Streamline Refinance – No Appraisal, No income Quality
- No credit score co-borrower allowed * Cash out Refinance up to 85% CTV
This page contains program highlights only. See sidebar links for further information and details.
All program are subject to change at anytime without any further notice