FHA Purchase Loans
FHA is an option that is offered to consumers that may have not-so perfect credit, or perhaps are looking to put a minimal down payment on a home. They offer a low down payment of 3.5%, and credit scores can be much lower than on other products. Seller can pay up to 6% in closing cost for buyer. This loan is insured by the Federal Housing Administration (FHA). Higher debt to income ratios are allowed on FHA, which help the buyer afford more home. The maximum loan amount on FHA is currently $420,680. Low fixed rate for life of loan. Amortizations are available from 10, 15, 20, 25 and 30 years.
FHA Refinance Loans
FHA Cash out refinance will allow up to 85% of the homes appraised value. On a rate term refinance FHA will go to 97.75% of the home appraised value. Low fixed rate for life of loan. Amortizations are available from 10, 15, 20, 25 and 30 years.