FHA Mortgage

 

FHA Mortgage is the name given to loans that are for 81% or more than the appraised value of the house. For example, a house that is worth $100,000 and the borrower needs a $96,500 loan or less would benefit from an FHA loan

BenefitsA Laptop Computer

  • Low interest rates
  • Low down payment of only 3.5% required
  • Down payment can be a gift from a family member
  • Up to 6% can be given by seller towards closing costs
  • Availble to owner occupied single units or multi-units
  • Refinancing can be streamlined no appraisal or income requirements

What are the steps to securing the loan?

  • Collecting documentation
  • Sign application and disclosures
  • Order an appraisal
  • Locking in an interest rate
  • Lenders processing of application
  • Attorney’s filings and compilations
  • Setting a date for closing

How soon can I get the loan money?

Best case scenario is that after receiving your documentation, it will take another few days for the appraisal, a week for the lender’s processing, and a few days for the attorney to prepare the documents. So maybe three weeks or so.

What documents will I need to provide?

  • 2 years of W2’s or 1040’s
  • 1 month of pay stubs
  • 2 months of bank statements (all pages)
  • any other asset documentation
  • Driver's license
  • Social Security card

What if’s...

What if I have a low FICO score?
Credit reporting agencies give us professional access to what exactly you can do to increase your scores significantly and quickly

What if I’ve had a bankruptcy?
Most people can secure a mortgage two years after bankruptcy. If you are certain that you will be able to afford a home and all of the costs that come with it, then we can find a mortgage to suit your needs.

What if I am still confused and uncertain about mortgages?
This is completely understandable. Give us a call and I’ll put all the details of your loan on paper and explain each part in easy to understand language.

What are included in the closing costs?

  • lender fees
  • government fees
  • attorney fees
  • mortgage insurance
  • homeowners insurance
  • interest and taxes

All closing costs are detailed in the Good Faith Estimate and are included in the loan amount unless paid out of pocket. The seller may also offer a percentage of the sale price to help cover these costs

 


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