Why consider an FHA Mortgage Loan in today’s market

By
Mortgage and Lending with Peoples Bank
  • 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

Comments (1)

Mayra Espinosa Realtor San Mateo Pacifica Homes
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