- Only 3.5% down payment required
- Lower credit requirements than most programs making it easier to qualify
- 100% gift allowed for down payment and closing cost
- Allows up to 6% seller credits towards closing costs
- The maximum FHA loan amount is $729,750.00 ( most counties)
- 401K loans are not included in qualifying ratios
- Can qualify for an FHA loan after 2 years of being discharged from a chapter 7 BK
- Can qualify for an FHA loan 3 years after a Short Sale and foreclosure
- 2 year job history not required ( can use schooling certificates or transcripts)
- May use alternative credit to qualify
- Can use non- occupant co-borrower to qualify
Mayra Espinosa Broker- Realtor | Call 650-996-8961 - Pacifica, CA
San Mateo County Real Estate | Buy | Sell | Invest
John, this is a great news for some homeower to be able to obtain a FHA loan to purchase a home in three years after short sale.
Jan 29, 2011 01:12 PM
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