FHA Purchase 

* Simple Qualifying
* Small Down Payment – Only Down 3.5% 
* 100% Financing (w/Approved Gift Fund)
* Seller Paid Closing Costs up to 6%
* In-house Flexible Underwriting
* Higher Debt-to-Income Ratios OK 
* Lower Credit Scores OK
* 600 credit scores OK with 3.5% Down

FHA Refinance 

* Streamline Option (Rate and Term)
* No Appraisal / No Income
* Full Doc Loans
* Rate and Term / CashOut 
* Closing Costs can be rolled into loan

FHA loans offer down payments as low as 3.5%.  This can include gift funds (you can ask your loan officer more about how gift funds work.) which can include the use of gift funds.

* Metro Loan Amount: 1 unit $308,200, 2 unit $394,550, 3 unit $476,900, 4 unit $592,700
* Non-Metro Loan Amount: 1 unit $275,650, 2 unit $352,925, 3 unit $426,600, 4 unit $530,125
* Terms: Up to 30 Years
* Purchase financing: up to 96.5% LTV
* Refinance financing: up to 97% LTV

FHA Loan Guidelines for Borrowers

The FHA (Federal Housing Administration) provides mortgage insurance on loans made by FHA-approved lenders. FHA insures these loans on single family and multi-family homes. 

• FICO® score at least 580 = 3.5% down payment.
• FICO® score between 500 and 579 = 10% down payment.
• MIP (Mortgage Insurance Premium ) is required.
• Debt-to-Income Ratio < 43%.
• The home must be the borrower’s primary residence.
• Borrower must have steady income and proof of employment.
  
  

Read More on FHA loans.