FHA Loan with 97% financing and refinancing
Buy Home with 0% to 3% Down and Imperfect Credit Score?
- Full Doc
- 97% Loan to 100% Loan Financing
- Loan Amount up to 729K in some counties
- Non restrict program on credit score. Can be as low as 580.
- Bankruptcy or No Credit History is OK
- 0.5% monthly PMI (mortgage insurance) in most of loan programs
- 15 Year or 30 Year Fix Rate
LOAN PROGRAMS - 97% to 100% FINANCING
An FHA loan is a loan insured against default by the FHA. In other words, the FHA guarantees that a lender won’t have to write off a loan if the borrower defaults – the FHA will pay. Because of this guarantee, lenders are willing to make large mortgage loans.
FHA loan is designed for borrowers who have limited cash reserves and the desire to buy a home. It assists many people that are currently renting to become home owners. FHA loans are available to anyone, whether your first or fifth home and can be used to purchase a home or refinance a home. If refinancing a home the current loan DOES NOT have to be an FHA loan.
This is your standard fixed rate loan for 1-4 family owner occupied houses and only requires a minimum of 3% from the borrower. This loan also permits 100% of their money needed to close to be a gift from a relative, non-profit organization, or government agency.
The FHA promises to pay lenders if a borrower defaults on an FHA loan. To fund this obligation, the FHA charges borrowers a fee. Home buyers who use FHA loans pay an upfront mortgage insurance premium (MIP) of 1.5%. They also pay a small on going fee each month at the rate of .5 percent per year of the total loan amount.
If your credit is less than perfect, FHA might be the loan for you. You may qualify for an FHA loan even though you have had financial problems.
- FICO scores can be lower than those for a conventional loan.
- Bankruptcy. You can obtain an FHA loan two to three years from the date of your bankruptcy discharge, as long as you've maintained good credit since your debts were discharged.
- Foreclosure. If you keep your credit in excellent shape since a foreclosure, an FHA loan will be available to you two to three years from the final date of your foreclosure.
For more information of the FHA loan guidelines and loan process, click here.
With the market's historically low interest rates, and the home price drop to the bottom, there is no reason to wait for tomorrow--and plenty of reason to act today. Contact us today and find out what is the right program for you!
|Interested? Click HERE to find out how you can get your rate secured today!
Not the program you are looking for? Don’t forget to check out our other options.
| Here are the some of our program highlights:
- Full Doc
- for any time homeowner buyers (not necessary to be the first time)
- 1-4 unit properties
- Less than perfect credit
- Bankruptcy, late payment, no credit history is allowed
- Adjustable or fixed interest rate