FHA Home Loan Program

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Comment by Troy Schuricht on April 22, 2009 at 12:38pm

FHA does not require any home to have any appliances to be eligible for FHA financing.

Comment by Troy Schuricht on February 23, 2009 at 9:07am

Buyers! Reduce your first 6 months payment up to 64%!
In understanding the local economy and homebuyers needs, we have created a loan program that allows a buyer to reduce the first six months of their mortgage payments up to 64%.

Here is how it works. A buyer/borrower negotiates a purchase where the seller agrees to pay for 6% of the closing costs. A portion of these closing costs would be used to fund an account to pay for 6 months of interest payments. The buyer/borrower would be responsible for monthly taxes, insurance, mortgage insurance and principle only during this period.

Example:

Purchase Price: $220,000
Estimated first 6 months payments: $535.05*
Estimated payment after: $1502.71*
Highlights:

FHA Loan Program
Available on new or existing homes
Reduced mortgage payments for 6 months
Seller funded interest payments
Seller Contribution to 6%
Credit score 620 required
Gift for 3.5% down payment from family member
*Based on 30 year fixed at 5.5% APR. Assumes borrower meets all FHA loan requirements including, credit score, down payment, closing costs, and property requirements. Estimates may change depending on market and loan scenario. CFS Mortgage Corporation, Mortgage Banker # 0905178

Comment by Nathan Porter on November 14, 2008 at 3:56pm

1% Down Payment

Down Payment and How it Works:
30 Year Fixed FHA 1st @ 92% of purchase price
20 Year Fixed 5% 2nd mortgage wth a 7% interest rate
Mandatory Gift equal to 2% of the 1st from Family Housing Resource
Buyer Contributes 1% or true gift from family member

This Program was designed for:
Owner Occupied Units
2 unit
Manufactured Home

Minimum Credit Score:
Must have a 550 with Automated Approval
Or 580 with manual underwriting

Seller Contribution:
Seller can contribute up tp 6% towards closing cost

Comment by Mindy Bargeloh on August 26, 2008 at 4:57pm

FHA offers some great opportunities for homeowners whos credit is a bit less than perfect. I'd love to help find your home- let me know if I can be of assistance. Mindy Bargeloh with DPR Realty- 602-369-1221 or email me at mindybargeloh@gmail.com