FHA Loan Advantages

Starting January 1 2009

FHA offers loan Down Payment Assistance ( see 1% Down  page).  Loan approval with poor credit, loan-closing cost that are reasonable, consulting and help if there is a problem making the loan mortgage payment. FHA loans have foreclosure prevention services to help the borrower before defaulting on the loan. FHA rates are well below sub prime loans, Fannie Mae and Freddie Mac loans especially for borrowers with low FICO credit scores. In addition, you do not have to be a first time homebuyer, prior home ownership is allowed.  FHA never allows pre payment penalties, so the borrower can sell or refinance their home at no additional cost.

Quick Guide for FHA Loans

1)  Purchase price loan to value (LTV) is one the highest at 96.5% or 3.5% down payment from the borrower. 

2)  The down payment of 3.5% can be gifted to the borrower by a family member, employer, non-profit organizations and state & local government entities. Making this a "Zero Down Loan".  See 1% down page

3)  The Seller can pay most of the closing cost of the borrower up to 6% of the sales price, making this little to nothing out of pocket cost for the Borrower. Conventional loans only allow 3% or less to be contributed by the seller.

4)  FHA is not FICO score driven. FICO credit scores from the 600 + and up range are allowed.

5)  Cash out refinances up to 85% LTV of the appraised value, even on non FHA loans. Anyone with a subprime loan that adjusted with a much higher payment, please call, there are special FHA refinance programs to help you, even if you have missed loan payments and your home is worth less than what you owe now.

6)  Have an FHA loan now?  There is a FHA streamline refinance, no cash out.  You can refinance the existing loan balance into a lower rate with no appraisal or credit qualification needed. This saves borrowers money on monthly bases.  In addition, a FHA Streamline 203 k program allows the borrower to finance up to $35,000 in home improvements.

7)  Medical collections usually not required to be paid off.

8)  Co-"non-occupant" borrower allowed to help borrower qualify. This is great for parents who want to help their children after they graduate from college.

9) Two months mortgage payments in reserves suggested. Allowable accounts are checking, saving, IRA, 401k, investment accounts, stocks & bonds and cash value in an insurance policy.

Call for a FHA Mortgage Analysis

480-390-2123  

"Apply Now"

(Click on "Apply Now to link to online application)

  MBongiovanni@TheLendingCo.com

Rates are Great,

Decades low 

1% Down Program

Only in Arizona

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	First Name:* Last Name:* E-Mail:* Phone:* Loan Amount: Loan Purpose: Purchase Refinance Refinance & Cash Out Loan Program: 50 Year Fixed 40 Year Fixed 30 Year Fixed 20 Year Fixed 15 Year Fixed 3/1 ARM 5/1 ARM 7/1 ARM 10/1 ARM Adjustable Interest Only Property Use: Primary Residence Second Home Rental or Investment Property Type: Single Family Condo/Townhouse 2 Units 3 Units 4 Units Other Property Value: Enter Code Shown:* * Required