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FHA Home Loan -- Benefits for Many!

Check out the FHA home loan requirements and benefits, and apply below!  (For Purchase and Refinance Including Streamline Refinance )

3.5% down payment required for a single family residence loan amount up to $729,750 (higher for 2 to 4 units, see below) for an FHA home loan;

We can Streamline a refinance of your existing FHA loan, from our headquarters in Los Angeles, and increase the loan amount to pay for solar power through a special program.  Streamlining is a virtual no cost loan to you.  We need to show that your monthly payment will decrease at least 5% from your existing payment, and there is no appraisal, no income verification and we can generally pay your closing costs.  You do need to change your impound accounts, and any balance from your existing impound account will be sent to you, generally within 6 to 8 weeks, from your existing lender.

The 3.5% down payment can be a gift from a family member or long term family friend, which must be documented;

Automated underwriting can allow for higher ratios-- major consideration is reserves, credit and down payment.  Our office has obtained approvals for debt to income ratios up to 56%;

No post closing reserve requirement;

Seller can provide up to 6% recurring and/or non-recurring closing costs;

Non-occupant co-borrowers allowed to aid qualifying for the loan;

No Fico Score OK, non traditional credit, for example rental, cell phone, utility bills

620 minimum Fico score for purchase or rate and term-- potentially lower as FHA has no minimum, but as a practical matter, 620;

Variable rates available where you can qualify at the start rate, enabling a borrower to more easily qualify—CRA incentives might make qualifying easier. ;

CRA incentives available in low to moderate income census tracts;

2 to 4 unit properties OK so long as one unit is an owner occupied primary residence, and these limits are:

1 unit maximum: $417,000 nationwide, up to $729,750; county specific

2 unit (duplex) maximum: $533,850 nationwide,  up to $934,200; county specific

3 unit (triplex) maximum: $645,300 nationwide, up to $1,129,250; county specific

4 unit (quadplex) maximum: $801,950 nationwide, up to $1,403,400; county specific

85% of rental income from these units is used in qualifying;  

Green card NOT required, H1-B Visa is OK-- if not US citizen, you need either a Green card or an H1-B Visa;

2 years from discharge of Chapter 7 bankruptcy, 1 year from a Chapter 13, and 3 years on a foreclosure

Other FHA FAQ And Helpful Information

 

Apply Now!