FHA Loan is perfect for families who may not qualify for a traditional Conventional Loan or a lower down payment is required. FHA typically offers market interest rates to individuals with credit score down to 580. Higher credit score individuals may also find lower payments with FHA loans compared to conventional  fixed rate mortgages.

Purchase Transaction features:

• Property types allowed from 1-4 unit dwelling
• Down payment as low as 3% of the sale price
• Family members may pay all of the borrower’s required down payment, closing costs, prepaid expenses and discount points
• Seller can pay up to 6% in concessions towards the buyer’s closing costs, pre-paids and discount points.
• Automated underwriting: capability to reach higher ratios with compensating factors
• Non-occupant co-borrower can help borrower to qualify
• Low rates and low monthly mortgage insurance
• Fixed-rate mortgages upto 30 years
• Assumable loan feature may provide a higher resale value
• No reserves required on 1-2 units and 3 month reserves required on 3-4 units

 Refinance Transaction features:

• Convert your higher interest rate Adjustable Rate loan into a Fixed Rate Mortgage
• Cash out refinance up to 95% on 1-2 units and 85% on 3-4 units (not available in all States)
• No reserves required
• Automated underwriting: capability to reach higher ratios with compensating factors
• Low rates and low monthly mortgage insurance
• Streamlined refinance and assumable loans  

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