Hello and thank you for coming to my blog. As you will see I am here to give you information on specifically and ONLY all FHA mortgage products. This site is specifically dedicated to FHA (Federal Housing Administration) mortgages. Since the sub prime downfall, FHA mortgage applications have spiked and will continue to do so.
A common misconception is that FHA mortgages are only for 1st time home buyers and the truth is, that couldn’t be farther from the truth! FHA allows for purchases and for refinances. Here are some key points to know about FHA mortgages (this is just a small sampling and my first post, I will continue to update this site weekly):
· Purchases can be done with as little as 3% down payment
· Refinances can go up to 97% loan to value for rate and term (no cash out) and up to 95% loan to value for cash out! (Plus with conventional rates as low as 6%!!!!!)
· These loans are only done with full documentation (must be able to prove income)
· FHA does allow for a co-borrower or co-signor, we will get into this in detail down the road
· FHA is not FICO score driven! I have seen people with credit scores in the 400’s get their loan done (compensating factors are HUGE, we will also get into this more down the road)
Well this is my first post and there will be plenty more. I will get deeper into each topic and provide detailed information so that you can make an informed decision when considering an FHA mortgage. Hopefully you are being offered an FHA mortgage over a sub prime loan if you qualify, and if your not, feel free to drop me a line and I will help you out. Remember, not all mortgage brokers out there are able to offer FHA mortgages; only certain licensed professionals who are setup with HUD have that ability and these are the people that you should be dealing with because they provide you with the most products and services available to you. Since I am a mortgage “BANKER”, and we are directly endorsed through HUD, I can extended to you many benefits that brokers will not be able to.
One last thing for today, FHA does have loan limits, which basically means depending on where you live you need to see if you fit the FHA criteria. I will be posting the link to the FHA website so you can check the loan limits in your area.
Have a great day!
