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FHA Loan
FHA loan; increased debt to income ratio; FHA home mortgage
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FHA Loan | Highlights

Calculator worksheet.  

Documentation requirements.  

Free consultation. 

3.5% down.

600 FICO score.

No App Fee! 

Mortgage Calculator Worksheet

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Monthly Payment

Principal & Interest $1421

Monthly Taxes $1421

Monthly HOA $1421

Monthly Insurance $1421

Monthly PMI $0

Worksheet Summary | Highlights

Down payment.
Find out how much of a down payment is right for you.

Closing costs.
Review the out of pocket expense for your transaction.

Custom tailored for you.
By far, our summary is uniquely distinguishable.

FHA Loan | Consultation
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FHA Loan | Minimal Down Payment | Buying a New Home

FHA Loan; minimal down payment options; buying a new home

The FHA loan has been around since 1934.  Created by Congress to help people achieve the American dream.  An FHA loan is backed by the federal government.  In short, the FHA loan is insured, and guarantees repayment.  Should a borrower default, then they remain liable.  However, the insurance on the loan repays the lender. 

Benefits of an FHA Loan

FHA Streamline; low down payment mortgage; fortress home mortgageAn FHA loan offers a 3.5% down payment, minimal closing costs, and up to 6% for seller concessions.  That is a lot of bang for your mortgage bucks!  For example, assume a home sale price of $175K.  The down payment is $6,125 dollars.  Closing costs (on average) will run $3K.  Pre-paids, which are the property taxes and homeowners insurance, will run roughly $5K.  In summary, the total expense is $14,250 dollars to settle.  Now, lets figure in a potential seller concession.  In most cases, 3% is the norm.  On a sale price of $175K, that would be a credit of $5,250. dollars.  More specifically, the credit gets applied directly to the settlement figure.  So, in this example, the total to close is:  $14,250 – $5,250. = $9,000. dollars.  How about that!  $9K out of pocket buys a home selling at $175K.  

FHA Streamlining | Interest Rate Reduction  

FHA streamline mortgage; interest rate reduction mortgage; Fortress Home MortgageAn FHA loan comes with a perk unlike standard Conventional financing.  FHA streamlining is for existing FHA borrowers.  It is a process of lowering the interest when the market improves.  FHA streamlining does NOT require an appraisal.  FHA streamlining allows for a mortgage credit check only.  No other credit is checked.  There cannot be any delinquent mortgage payments.  FHA streamlining may not require income verification in some cases.  And, FHA streamlining can be done on mortgages amounts that exceed the home value.  Otherwise known as being underwater.  The bottom line, don’t sleep on an FHA loan.  It is still a great option, and it always will be for first time home buyers! 

FHA loan; general requirements; how to apply

In general, apply for an FHA loan is no different than other loan products.  Borrowers should be prepared to verify income, cash reserves, and must be paid via W2.  Additional info regarding the requirements can be found here.  

The Lowest Credit Score Allowable | 600 FICO

FHA reduced credit score 585; flexible mortgage guidelinesFHA posts credit scores down to 585.  However, that can be misleading!  The reason is due to the FHA lender.  More specifically, the FHA lender that underwrites and funds the FHA loan.  Ultimately, the FHA lender sets its own credit score threshold.  Borrowers should expect to have a FICO score of 600 or better.  Scores below that threshold in just about every scenario will not get approved.  Keep in mind, there are ways to boost your credit!

The FHA Loan Has A Maximum Loan Limit By County

FHA maximum loan limit by county; Fortress Home MortgageIn order to be eligible, an FHA loan must be at/or below the max limit.  The fastest way to check is online.  Click here for a free search to verify the maximum FHA loan limit.

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