FHA lending

As you are aware, it has become very difficult to close loans today due to recent changes in the Conventional and Sub-Prime markets. Stated Income is gone, minimum credit scores have been raised and the 5% Declining Market has killed pretty much every 100% program.

Now the Mortgage Insurance Companies are pulling back! They want even higher minimum scores, lower LTV’s, and will soon be charging higher premiums.

FHA on the other hand is trying to help. They have increased the maximum loan amount to as high as $729,750! They are considering lowering Mortgage Insurance rates, and talking about lower down payment requirements from 3% to zero!!

Currently, FHA is the only program that does not have a minimum credit score requirement, they allow for non-occupying co-borrowers, and does not require the buyer to have any money of his own invested into the property.

Additionally, you can use maximum FHA financing on SFR’s, Condo’s, PUD’s (Town Homes), Units, and Manufactured Homes. And there are no “Declining Market” reductions at all!!

Refinancing? How about 95% LTV on Cash Out, 97% on Rate and Term, and for recently listed properties you only need the home to be off the market for 1 day. And if needed, you can even add co-borrowers to help with qualifying!!

FHA may soon be the only affordable loan program above 90%!!!!!