The FHA loan program was created to help increase home ownership. This mortgage program makes qualifying for, buying, and refinancing a home easier and less expensive compared to other home loan programs. The income qualifying guidelines are more flexible than Conventional Home financing…conventional requiring 5% and FHA less than 5% down payment.
FHA Underwriting Guidelines…minimal down payment and closing costs
♦ Down payment 3.5% of Sales Price
♦ 100% financing options available…in certain circumstance
♦ Gift for down payment and closing costs allowed
♦ No reserves required
♦ FHA regulated closing costs
♦ Seller can credit up to 6% of sales price towards buyers costs
FHA Loan Requirements
Bankruptcy’s must be at least two year’s old with NO derogatory marks on credit since the bankruptcy
Our brief YouTube video post on FHA Loan Limits for Frisco and surrounding Dallas areas. Other recent post regarding FHA loan options for buyers, including FHA first time buyers.