FHA Loan Overview


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FHA Loan Overview

  1. 1. FHA — An Overview Rev. 11/1/111. For internal use only.
  2. 2. About FHAThe government-backed Federal Housing Administration(FHA) provides mortgage insurance on loans made byFHA-approved lenders.W.J. Bradley is experienced at navigating the requirements for FHA loans.2. For internal use only.
  3. 3. Sell More HomesFHA loans can help first-time and low-income borrowers get into the home they desire and deserve.•   Low down payment requirements•   Less cash out of pocket required•   May have lower FICO score requirementsBecause it’s easier for borrowers to qualify for an FHA mortgage, you can sell more homes. 3. For internal use only.
  4. 4. FHA AdvantagesFHA loans have many advantages over other typesof loans:•   Forgiving of past credit issues.•   Purchase and rehab the house with only one loan using the FHA 203(k) program.•   Condos and manufactured homes may qualify. 4. For internal use only.
  5. 5. Homebuyer Options More buyer options + More ways to qualify = More home sales!•   Gift funds or bond programs for down payment and closing cost assistance are allowed.•   Fixed and ARM loans available.I can help qualify your clients for an FHA loan! 5. For internal use only.
  6. 6. 90-Day Flip WaiverThe 90-Day ownership requirement has been waived.Prospective buyers can use an FHA loan to purchase HUD- owned, bank-owned and privately owned homes that have been in the seller’s possession for less than 90 days!*FHA implemented this relaxation of requirements hoping that it would speed resales of homes, helping to stabilize real estate prices and communities where there have been large numbers of foreclosures.* Some restrictions apply. 6. For internal use only.
  7. 7. 90-Day Flip Waiver — ContinuedHow does this benefit real estate agents?•   Makes more properties eligible for FHA-insured mortgages.•   Expands the number of properties available to homebuyers.•   Allows more people to become homeowners.Increase sales in the neighborhoods you serve! 7. For internal use only.
  8. 8. FHA Mortgage InsuranceMortgage insurance premium (MIP)•   Upfront premium is 1% of the loan amount.•   Annual mortgage insurance premiums are: < = 15 Year Amortization LTV > 90% 0.50% LTV < or = 90% 0.25% > 15 Year Amortization LTV > 95% 1.15% LTV < or = 95% 1.10% 8. For internal use only.
  9. 9. WJB: A High-Performing Lender•   WJB has an enhanced level of insuring authority from U.S. Department of Housing and Urban Development (HUD).•   HUD considers WJB a high-performing lender, allowing WJB to participate in the Lender Insurance Program (LI). The LI program makes processing FHA loans easier and more cost-efficient for lenders.•   Benefit to your clients: Better pricing on FHA loans and faster loan review times! 9. For internal use only.
  10. 10. Choose WJB for FHA LoansWJB:•   Makes the loan process less intimidating and more transparent for homebuyers.•   Quickly moves each loan through approvals, processing and underwriting so closing is on time and stress-free.•   Has some of the fastest turn times in the industry.•   Provides partner marketing to help you grow your business.•   Is an expert at navigating the requirements for FHA and other government-backed loans. 10. For internal use only.
  11. 11. WJB…A Name You Can TrustW.J. Bradley Mortgage Capital Corp.:•   Privately held independent mortgage lender founded in 2003.•   Committed to helping consumers obtain real estate financing targeted to their unique financial needs.•   Backed by private investors = solid financial foundation.WJB is an FHA loan expert! 11. For internal use only.
  12. 12. Thank You Lets work together to turn more home shoppers into home buyers!12. For internal use only.