FHA Loans- Home Ownership for
low down payment
Shashank Shekhar
CEO, Arcus Lending
About Arcus Lending
• Arcus Lending is Mortgage Lender based in San Jose,
California
• Products Offered: Residential Mortg...
Ab About Shashank Shekhar
• Shashank is the Founder and CEO of Arcus Lending
• An Amazon.com Best-selling Author, Shashank...
• The information contained within this document
is for educational purposes only. Every attempt
has been made to provide ...
Agenda
• What is an FHA loan?
• What are the conditions and guidelines?
• What are the requirements for an FHA loan?
• How...
What is an FHA loan?
• Federal Housing Administration (FHA) Loans are
insured by Housing and Urban Development (HUD)
which...
What is an FHA loan?
• FHA however doesn’t provide loan directly.
• A borrower needs to work with an FHA approved
lender l...
What are the requirements?
• Property must be owner occupied.
• Available for 1-4 units houses including single family
res...
What are the requirements?
• Impound account is required on all FHA loans.
• As part of impound account, payment for prope...
FHA Requirements Continued
• A two years employment history is required.
However, if you went to school immediately prior ...
FHA Requirements Continued
• Upfront mortgage insurance (UFMIP) of 1.75% and
annual mortgage insurance of 0.45% – 1.55% is...
What are the loan limits?
• For 2013, the FHA national “floor” loan limit for 1
unit house is $271,050. This means that al...
What are the loan limits?
• FHA also classified several counties as “high-cost”
meaning the loan limits in those counties ...
How do I get a FHA loan?
• Call (408) 615 0655
• Email: Info@ArcusLending.com
• Website: www.ArcusLending.com
• Blog: www....
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FHA Loans- The Basics

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What is an FHA loan? What are the requirements? What are the loan limits? How can you get an FHA loan?

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FHA Loans- The Basics

  1. 1. FHA Loans- Home Ownership for low down payment Shashank Shekhar CEO, Arcus Lending
  2. 2. About Arcus Lending • Arcus Lending is Mortgage Lender based in San Jose, California • Products Offered: Residential Mortgages- FHA, Conventional, VA, 203K, HARP, HomePath, Reverse Mortgage, CHDAP • Geography Served: California, Washington and Oregon • What are they known for: Legendary customer service, quick closing and rates that are consistently better than the leading banks
  3. 3. Ab About Shashank Shekhar • Shashank is the Founder and CEO of Arcus Lending • An Amazon.com Best-selling Author, Shashank is widely regarded as California’s #1 Mortgage Expert • He is a National speaker, and a blogger who is frequently tapped for his expertise by various national and local media including FOX, CBS, ABC and NBC
  4. 4. • The information contained within this document is for educational purposes only. Every attempt has been made to provide accurate, up to date, reliable and complete information. No warranties of any kind are expressed or implied. Readers acknowledge that the author is not engaging in rendering legal, financial or professional advice. Disclaimer
  5. 5. Agenda • What is an FHA loan? • What are the conditions and guidelines? • What are the requirements for an FHA loan? • How do I get the loan?
  6. 6. What is an FHA loan? • Federal Housing Administration (FHA) Loans are insured by Housing and Urban Development (HUD) which allows lenders to offer low down payment loans to homebuyers. • FHA insures loans for first time home buyer mortgage loan, FHA streamline refinance, FHA regular refinance, Cash-out refinance and also home purchase by people who are NOT first time home buyers.
  7. 7. What is an FHA loan? • FHA however doesn’t provide loan directly. • A borrower needs to work with an FHA approved lender like Arcus Lending to qualify for the home purchase or refinance loan.
  8. 8. What are the requirements? • Property must be owner occupied. • Available for 1-4 units houses including single family residence, town-homes, condominiums and even manufactured homes.
  9. 9. What are the requirements? • Impound account is required on all FHA loans. • As part of impound account, payment for property taxes and home insurance are broken down into monthly payments and are paid to the lender along with mortgage payments every month. The lender then makes a payment directly to county or your home insurance company when its due.
  10. 10. FHA Requirements Continued • A two years employment history is required. However, if you went to school immediately prior to starting your employment, the school years can be counted towards “two years” requirement as long as your job is in the same field as your education. • You should have enough income to meet the maximum debt to income ratio requirement of 43%. In some cases, that ratio can be allowed to as high as 50%.
  11. 11. FHA Requirements Continued • Upfront mortgage insurance (UFMIP) of 1.75% and annual mortgage insurance of 0.45% – 1.55% is required on all FHA loans. • FHA offers 30 year fixed, 15 year fixed and 5 year ARM loan Note: (this is not an exhaustive guideline and a particular lender may even have their own set of guidelines)
  12. 12. What are the loan limits? • For 2013, the FHA national “floor” loan limit for 1 unit house is $271,050. This means that all counties in the country will at least have this as their loan limit.
  13. 13. What are the loan limits? • FHA also classified several counties as “high-cost” meaning the loan limits in those counties are higher than $271,050. The maximum loan limits in some counties can be as high as $729,750 and in other counties it’s between the floor i.e. $271,050 and the highest loan limit i.e. $729,750. • Call us to find the FHA loan limit for your county
  14. 14. How do I get a FHA loan? • Call (408) 615 0655 • Email: Info@ArcusLending.com • Website: www.ArcusLending.com • Blog: www.LendingExpertBlog.com • FaceBook: www.facebook.com/ArcusLending Licensing Info: Arcus Lending Inc, NMLS ID 1035734 and CA BRE #01857474 Shashank Shekhar NMLS ID 8176

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