FHA Loans:
FHA loans have been helping people become homeowners since 1934. How do they do it? The Federal Housing Administration (FHA) – which is part of HUD insures the loan, so the lender can offer a better deal.
- Here are some key features and benefits about this program:
Eligible with Fixed Rate Loan Programs (15, 20, 25 and 30yr Terms) AND 1YR, 3/1 & 5/1 ARM’s
1. Margin: 1YR – 2.25%, 3/1 and 5/1 – 1.75%; Caps: 1/5; Index: CMT
2. 1 Year ARM must qualify at 1% above the Note Rate
Maximum Financing up to 96.5% of the Appraised LTV
Minimum Down Payment Requirement = 3.5% and it can be Gifted from a Friend or Family Member
Maximum 6% Seller Contributions Allowed
Eligible for Primary Residences (1-4 Unit) Only
Purchases, Rate/Term and Cash-Out Refinance Transactions Eligible
All Purchase Transactions Minimum FICO = 620
Full Doc Option Only
Maximum Loan Amount for 1Unit = $353,750 (effective April 28, 2009 in Orange, Osceola and Lake Counties…let me know if you need limits for any other counties and/or units)
2Months PITI (Principle, Interest, Taxes and Insurance) Cash Reserves Required
No Minimum Contribution from the Borrower’s Own Funds Required
1.5-2% (Depending on Loan Approval) PMI Required Up Front which may be Financed into the Loan
Website for more info on specific State guidelines: http://www.hud.gov/buying/loans.cfm
USDA Rural Housing Loans:
The Guaranteed Rural Housing (GRH) Loan Program is a Government insured single-family home loan program for low-to-moderate income borrowers looking to purchase a home in a rural development area. This program is an excellent option to offer borrowers who aren’t able to make a significant down payment on a home. It is an affordable way to achieve the dream of home ownership.
- Here are some key features and benefits about this program:
Eligible with Fixed Rate Loan Programs Only (30yr Terms)
Maximum Financing up to 100% of the Appraised LTV
Maximum 6% Seller Contributions Allowed
Eligible for Primary Residences (1 Unit) Only
Purchases and Guaranteed Rural Housing Rate/Term Refinance Transactions Eligible
Full Doc Option Only
Maximum Loan Amount = $417,000
No Cash Reserves Required
No Minimum Contribution from the Borrower’s Own Funds Required
No PMI Required: UpFront USDA Guaranteed Fee of 2% can be Financed into the Loan Amount for Purchase Transactions and .5% for Rate/Term Refinances
- Check Eligibility for Income and Property First at http://eligibility.sc.egov.usda.gov
If you are interested in learning more about the different financing programs, please contact us and we can put you in contact with a local lender.
We look forward to helping you move on the path towards homeownership!
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