FHA Loans

 

The Federal Housing Administration (FHA) insures the loans for this program making it possible for buyers who may have limited cash availability, low to moderate income, and lower credit scores to purchase a home.

Take a look at the many great benefits of using the FHA Loan programs:

  • Easier borrower qualification
  • Low minimum down payment requirement- just 3.5%!
  • Gifts and government down payment assistance are acceptable sources for the down payment
  • Great rates that are comparable to conventional loan rates
  • Lower mortgage insurance premiums, and under certain conditions, automatic cancellation of the premium
  • Limited closing cost fees (e.g., the origination fee cannot exceed 1% of the mortgage loan)
  • Loans can be assumable to qualified buyers
  • State down payment assistance programs, like MSHDA , are allowed
  • Renovations and repairs can be included when financing with the FHA 203k Renovation Loan

Contact me today to see if this is the right loan program for you!

 

 

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October Lunch and Learn / Webinar: The Ins & Outs of Appraisals

Appraisals – Its complicated

When we start talking appraisals it can get confusing.  As lenders, we learn what’s important for getting the loan closed.  Realtors put their market analysis hat on when they think about them.  Neither is correct.  Look at it this way, an appraiser is in a profession in and of it’s self.  Appraisers are licensed and trained to look at property values in a pretty specific way.  On top of that the different loan programs all have different “rules” the appraiser must follow.  Then at the end of the day its not a specific formula but a matter of opinion.  That’s why we always tell people we could order 5 appraisals on a property and we would get 5 different sets of results.   During this event we are going to go over many of the things the appraisers look at, how they analyze the property, and some of the different variables that come into play across different loan programs.  If you are looking for a deeper understanding of how appraisers think this is a must attend event.

Hot Topics We Will Cover

Here is a list of some of the things we will cover during the event:

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