FHA

• 640 min credit Score
• Qualifying income must be less than or equal to 115% avg medium Income
• Max Debt to Income Ratios 50%
• First Time Home buyer not required
• Homebuyer Education not required
• Down payment assistance is forgivable if borrower remains in the home 36 months minimum
• U.S. Citizen, Permanent Resident Alien or qualified alien with work visa
• All borrowers must occupy the property as their primary residence within 60 days of closing.
• Terms; 30, 20, 25, 15 and 10 year loans
• Loan amounts can go up to $420,680.00 for single family residence
• Full documentation using tax returns and w2’s or 1099’s
• Escrows are required, taxes and insurance must be included in the monthly payment
• 100% Gift Funds for a relative are allowed
• Home must be livable
• Seller Contributions up to 6% of the loan amount.
• Recently renovated home will have some limitations (called Flipping guidelines), new construction or older home are allowed. Single family residence and town home as well.
• Condominiums must be FHA approved
• Co-Signers are allowed