Federal Assisted Mortgage Loans have been around for decades, and have the most make sense underwriting guidelines in my opinion. I was introduced to FHA financing as "this loan program makes no sense when compared to conventional loans" but in fact it is the exact opposite, FHA financing is more flexible, and makes much more sense to today's home buyer. Here are some of the guidelines and highlights of FHA financing. Please comment and tell me what your take is on the program.
Only a 3.5% down payment
100% gift allowed for the down payment
Can have as low as a 640 credit score to qualify
You can have some dings on the credit as long as there is a good explanation
Seller credit for closing cost up to 6%
Debt ratio in the mid to high 50 percentile.
For more information or if your interested to see if you can qualify for FHA financing please got to http://www.yourmortgageresearch.com/forms/purchaseAssistant.html
Mike Silva
Landmark Mortgage Group
925-583-2507
Monday, July 27, 2009
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