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The Clear Facts on FHA

The Clear Facts on FHA

What is FHA?
- A federal agency within the Department of Housing and Urban Development (HUD) that provides mortgage insurance for residential mortgages and sets standards for construction and underwriting. The FHA does not lend money, nor does it plan or construct housing.
Customer Benefits:
3.5% down payment
No income restrictions
Non-traditional credit profile
No pre-payment penalty
Only need a 600 credit score

Funding Fee:

Up front mortgage insurance premium (UFMIP): 1.75
- Annual MI: .55% for 30 yr

Loan Limits:

$406,250 for Denver- Aurora area (this is the temporary loan limit)

For other areas refer to HUD website or ask me: http://www.hud.gov/

Eligible Transactions:

Purchase
Full refinance (rate/term, cash out) or FHA streamline refinance

Eligible Borrowers:

U.S. Citizens, Permanent Resident Aliens, and Non-permanent resident aliens
Non-Occupant Co-Borrowers allowed

Eligible Products:

15, 20-30-year fixed rate terms, 3/1, 5/1 ARMs

Property:

1-4 unit, FHA approved condos, PUDs allowed (do not need to be FHA approved), Manufactured homes (meeting FHA's property requirements)

Credit:

Collections- case by case, buy may not be required to pay
Tax liens- must be paid unless on payment plan
Bankruptcy
- Chapter 7: minimum 2 years from discharge- with exceptions
- Chapter 13: payments made for 1 yr. & court approval for purchase
Foreclosure: 3 years

Posted by STACEY KING- Colorado Mortgage Alliance, an Affiliate of Wells Fargo Home Mtg on 07/23/2009 07:26 PM

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The Clear Facts on FHA in the Mortgage / Finance Channel

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