Our great in house lender, WR Starkey shared some information with us this week about FHA loans. Here are some facts about FHA loans that show it still a great way to go!
- 3.5% down payment (96.5% loan-to-value)
- 100% Gift Funds allowed on down payment (from family member or employer)
- Can have up to 6% in Seller contributions
- No price adjustment for lower credit scores (620 minimum credit score)
- Mortgage Insurance NOT credit driven
- FHA does not have "declining market" guidelines (helps in appraisals)
- More flexible on credit issues (can buy sooner if you've filed bankruptcy or had to forclose)
- Atlanta MSA loan amount currently $346,250
- You do NOT have to be a 1st time homebuyer and there are NO income limits
- Easier to get approved than Conventional financing!
- Non-occupant co-borrowers allowed (Kiddie condo-- both need credit, not income)
- Possibility of spot approvals on condominiums
If you have any questions about FHA loans or any other mortgage issues please don't hesitate to call our wonderful lenders Sharon Lintault or David Lowrimore at 678-631-1700.
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