FHA Loans

  • Credit scores down to 580
  • 3.5% Down Payment
  • Gifts from acceptable sources allowed for down payment and closing costs Seller allowed to pay closing costs (limits apply)
  • Historically Low 30 and 15 year fixed interest rates
  • Statutory loan limits apply
  • Must have a steady employment history or worked for the same employer for the past two years
  • Must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state
  • New FHA loans are only available for primary residence occupants
  • Typically you must be two years out of bankruptcy and have re-established good credit. Exceptions can be made if you are out of bankruptcy for more than one year if there were extenuating circumstances beyond your control that caused the bankruptcy and you've managed your money in a responsible manner.
  • Typically you must be three year out of foreclosure and have re-established good credit. Exceptions can be made if there were extenuating circumstances and you've improved your credit. If you were unable to sell your home because you had to move to a new area, this does not qualify as an exception to the three-year foreclosure guideline.



 

 

 

 

 

 


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