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Todays FHA Loan
Todays FHA Loan
Todays FHA Loan
Todays FHA Loan
Todays FHA Loan
Todays FHA Loan
Todays FHA Loan
Todays FHA Loan
Todays FHA Loan
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Todays FHA Loan

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  • 1. Today’s FHA Loan<br />This is Not Your Father’s FHA!<br />
  • 2. FHA Lending is Exploding<br />Now represents >30% of loans being written<br />Geared for:<br />First time buyers<br />Borrowers with little to no money<br />Buyers with less than perfect credit<br />Non-occupant co-borrowers<br />
  • 3. Hot Features of FHA<br />3.500% down payment<br />6% seller concessions<br />All funds can be gifted<br />No reserve requirements<br />No income limits<br />Very competitive interest rates<br />
  • 4. FHA Highlights<br />Limited to owner-occupied property<br />Available for 1-4 unit properties<br />High LTV available for OO 4 unit<br />Minimum credit score of 620<br />Flexible down payment sources allowed<br />
  • 5. FHA Highlights (cont.)<br />Manual underwriting common/allowed<br />Good documentation is the key<br />Collections are allowed to be left outstanding as long as they do not affect the properties title<br />
  • 6. FHA Property<br />Safety –Is the property safe?<br />Sound –Is the property sound?<br />Secure –Does the value support the loan?<br />FHA appraisals resemble conventional<br />Lender may require termite inspection and treatment if property has evidence of WDO’s (Wood Destroying Organisms).<br />
  • 7. Property Flippers Allowed!<br />FHA has waived their property flipping rules until December 31, 2011<br />Purchase Agreement for the sale cannot be dated before day 31<br />Some lenders may require 2 appraisals.<br />
  • 8. FHA Loan Limits<br />Limits vary by county<br />Our county limit is: $423,750<br />Loan limit is before UFMIP is included<br />Higher loan limits for 2-4 unit properties<br />Increased loan limits good thru 12-31-11<br />
  • 9. Financing Condominiums <br />As of October 1, 2010FHA Spot Condo Approvals are longer be allowed.<br />Entire project will need to be approved by FHA or already on FHA’s approved list.<br />https://entp.hud.gov/idapp/html/condlook.cfm<br />

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