Who can benefit from this loan?
- Borrowers with lower or no credit scores who can’t qualify for conventional loans.
- Borrowers who can’t put down 5% minimum down payment. A lot of first time home buyers.
- Clients with higher debt to income ratios and can’t qualify with conventional.
- Someone who wants to buy multifamily homes and owner occupy one unit with low down payment.
Loan Program Details
- 3.5% minimum down payment requirement
- Max loan amount will be $420,680
- Upfront Mortgage Insurance premium financed into the loan
- Condominiums must be on FHA approved list
- No income limits
- Seller concessions up to 6% of sales price
- Gifts allowed