FHA-Did You Know?

Monthly MI is not required on loans with a 15 yr term and an LTV of 89.99

or less.

 FHA does not have a declining markets policy

 United States Citizenship is not required for eligibility  (borrower must

be a lawful permanent resident alien with valid social security card and

evidence of lawful permanent residency - loans can also be made to non

permanent borrowers with proper documentation)

 A spouse and or spouse/children are considered occupant owners when the

other spouse is in the US Military and stationed elsewhere

 HUD will generally not insure more than 1 FHA loan at a time per borrower

(exceptions can be made - please ask for details)

 Cash saved at home is an acceptable source of assets (ask for details on

how to document)

 Reserves are generally not required on most transactions and HUD even

considers as little as 3 months of reserves to be a Compensating Factor

 Job Stability (length of time on the job) and Good Credit are not

compensating Factors

 
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6 Comments on FHA-Did You Know?

I didn't know that, I will check it out with my loan officers, Thanks

05/14/2008 10:43 AM by Debra Siglin REALTOR®,GRI,ABR (Miller and Company)

Sure didn't know all this!

05/14/2008 10:43 AM by Susan Hilton College Station Texas Real Estate (CENTURY 21 Beal, Inc.)

FHA is certainly a loan worth considering. By extrapolating the details of a real estate transaction, a home buyer can get a lower price and better terms than what is being offered by the seller -- plus put little to nothing down with a FHA loan.

05/14/2008 11:01 AM by Stephen Graham (Associate Broker) Buyer's Agent (Realty Professionals, Inc. - Atlanta, GA Georgia)

That's right, Stephen! FHA is the best program for everyone's needs, it goes a lot smoother and makes life alot easier too.

05/14/2008 11:12 AM by Jennifer Butz (Georgia Lending Partners, LLC)

I have two clients right now in FHA and I haven't had them for so long, they are a little difficult at first but then they flow smooth.

05/14/2008 11:16 AM by Kim Kelley (Coldwell Banker Sky Ridge Realty)

Hi Jennifer,

Great info, thanks for sharing.  It's important we keep up on this kind of stuff.  Have a great week.  Michael A. Caruso

05/14/2008 11:22 AM by Michael Caruso Real Estate Group

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