FHA financing- it’s not just for first time buyers!

FHA financing is a great financing option today for those with lower credit scores and limited downpayment funds

                *FHA minimum credit score is 640

                *FHA minimum downpayment is 3.5% of sale price

                *maximum seller concession is 6% of sale price

                *entire downpayment can be gift funds from family member

                *FHA has a rehab loan product, the FHA 203k Loan that can be used for repairs to the property that are NOT structural- HVAC, Roof, Plumbing, Electrical, flooring, cabinets, countertops, windows, doors, siding, insulation-this can be used for          refinances too!

                *Buyer does not have to be first time buyer

                *non-occupant co-borrowers are allowed

                *maximum total debt to income ratio allowed is 50%

                *can be 2 years from the date of discharge if previous bankruptcy

                *can only have one FHA loan at a time

                *can do a cashout refinance up to 85% of current appraisal value

 

You’ll see for instance in Lorain county, the maximum loan limit is $271050- that allows for a maximum sale price of approximately $276000

 

Talmer Bank & Trust has several Direct Endorsed (DE) underwriters on staff to review & approve FHA loan applications-your loans are not sent out for approval!!

 

When meeting with your clients, I will determine the best mortgage financing option to meet their needs. FHA is just another one of those “tools” in my tool belt that I can offer to  your clients.

 

I look forward to working with your client & providing them great service at competitive rates. Call me today at 440.452.3894 for a mortgage consultation and preapproval.

 

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About lizschneider66

Mortgage consultant with over 18 years experience. First time buyers, move up buyers, construction, FHA/VA, Jumbo loans, investment property purchases, & refinances- I will find the solution to financing the American dream of homeownership! Subscribe to my blog and never miss any mortgage industry news.
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