My office has been in business for 14 years doing all types of loans but has had it's greatest success in doing FHA loans.  We use and have used an FHA loan everytime we can instead of sub-prime and this is more important now than ever.  As you may know, FHA loans are not solely credit-score driven but are based on the "whole picture" of the borrower(s).  The running joke in our office is that we are GLAD to see a mid-FICO in the middle 500's because so often we are helping folks with mid-FICO's between 499-550.  We use down payment gift programs and can roll the down payment, closing costs and prepaids into the loan for those folks that need to come to the table with little to nothing. 

 

2 Comments on We've Been Doing FHA Loans for Years!

NOV
02
2007
2 Featured Posts

TIffany,

Great post! Does the down payment have to be seasoned? If so, how many months?

Does the down payment have to be from a family or could it be anyone?

 

Dave

2:08am • #1

Hey Dave,

The 3% down payment required for present FHA guidelines can come from a variety of places including gift funds, employer, a relative or a non-profit down payment assistance program.  So, no, it does not have to be seasoned.

Thanks for your comment!

4:16pm • #2

Leave a response…



(optional)
What does the graphic say?
 
Rainmaker_large

Tiffany Hentrup

Austin, TX

More about me…

KEY Mortgage

Address: 925 South Capital of TX Hwy, #B-210, Austin, TX, 78746

Office Phone: (512) 732-2882

Cell Phone: (512) 789-8778

Email Me



Links

Archives

RSS 2.0 Feed for this blog

Find TX real estate agents and Austin real estate on ActiveRain.