- Lower credit scores allowed
- Down payment can be a gift from acceptable sources
- 3.5% down payment
- Mortgage Insurance: Upfront MIP of 1.75% added to the loan, monthly premium = loan amount x .85% / 12 mo. Mortgage insurance lasts for the life of the loan unless it is a 15 year term
- Seller can contribute up to 6% of sales price towards closing costs & escrows
- Non-occupying co-borrower allowed
- Loan can be assumed (formal)
- Chapter 7 bankruptcy discharged for 2 yrs w/ re-established credit and no lates
3 years if home was included in BK
- 0% down option for qualified Veterans
- VA funding fee of 2.15% can be financed into the mortgage
VA funding fee may be waived if Veteran is receiving service related disability - No mortgage insurance
- Seller paid closing costs are allowed
- Owner occupied
- Gift funds allowed
- Maximum mortgage: $484,350 including funding fee
- 0% down payment option
- Property must be in an eligible location
- Do not have to be a 1st time homebuyer
- Rates are similar to conventional rates
- No manufactured homes, FHA approved condos only
- Seller contribution allowed to 6%
- Maximum income is 115% of median income in area