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.