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Todays FHA Loan
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Todays FHA Loan

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