FHA Loans

NO FICO & NO Credit FHA Loans!!!

FHA loans are insured by the Federal Housing Authority, a division of the Department of Housing and Urban Development. This Federally insured program exists to extend more opportunities for affordable home ownership to low to moderate income families, as well as borrowers who may have “less than perfect” credit histories.

FHA Reverse Mortgage (Did you know you can use a Reverse Mortgage FOR Purchase?)
FHA Streamline
FHA 203K
FHA Manufactured Housing

Benefits of a FHA mortgage
• 3.5% down payment on purchases
• Seller credit up to 6% towards buyers closing costs
• Low closing costs, which are regulated by HUD
• Low monthly mortgage insurance
• Higher qualifying Ratio’s up to 56.99%
• No credit score requirements
• Qualify for a loan two years after a bankruptcy
• Qualify for a loan three years after a foreclosure / short sale

FHA Requirements
– 1-4 Units, Condo and PUD
– All loans subject to FHA loan limits by state and county (visit www.hud.gov)
– No Cash out refinances and purchases Max LTV 97.75%
– Cash out refinances Max LTV up to 80%
– Max DTI 56.99% (FICO 620+)
– No reserves on ALL refinances. ALL LTV’s, ALL property types, Purchases 1-2 Units
– Gifts permitted and are considered borrowers own funds
– NO credit, NO credit score subject to ML 2008-11 on non traditional credit
– Any DTI’s >31/43 must have a DO or DU AUS Approval
– 6% seller concession on all purchases

FHA Streamline Refinance
– Past loan must have been originally endorsed by FHA on or after 01-01-2010, and loans endorsed prior require an internal AVM to verify property has equity
– Minimum 640 FICO
– No mortgage lates within the past 12 months
– 5% savings is required on the total of Principal, Interest, and MMIP
– One borrower must be employed
– 2 months bank statements required, when borrower needs own funds to close

Unbeatable FHA Underwriting!!!
– Flip Properties
– Unpermitted Additions
– No FICO & No Credit
– Non-Resident Aliens
– Unpaid Collections
– Pay off Revolving Debts to Qualify

For more information, contact us at (310) 356-6500