FHA is still a Super Star!

By
Mortgage and Lending with Independent

Many lenders out there are tightening their grip on strict guidelines and restrictions, its hard to find the right "Niche" for borrowers nowadays.

As many have perceived with FHA as a strict loan and strict appraisal standards, FHA has made a lot of improvements over the last few years.

FHA is still going strong as my "Super Star Loan Program" and should not be forgotten.

I have had much success with the following just as a clarification on my FHA guideline.

  • Low Down payment (only 3% cash investment)
  • Closing costs can be paid by seller or lender through premium pricing
  • Seller Concessions up to 6%
  • Reserves not required for 1 unit properties
  • 100% gift funds allowed (Yes through DAP I can accept up to 40k DAP without lowering the sales price)
  • No prepayment penalty
  • Assumale to qualified borrowers
  • No minimum FICO requirement (This is lovely)
  • Citizenship is not required
  • Non-Occupying co-borrower allowed (Very Strong especially for Gen X and Gen Y)
  • Financed up front MIP
  • No Doc & No Appraisal stream line refinances
  • Strict Appraisal Conditions Removed (No more headache appraisals, come give FHA another chance)

The FHA program which for the last 5-10 years took the back seat to the emergence of the mortgage products that have now imploded, has insured more than 34 million properties and may very well be the best loan programs available today.

Get it while its HOT, there has been a steady increase and still rising in funded FHA loans, last month My company recorded over 25,000 loans funded just in FHA!

So yes, FHA is still stronger than ever and is the rising superstar for the future!

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Rainer
24,923
Charles G. Hennebeul
AMERICAN CASH SOLUTIONS INC - Melville, NY

First, you look like a million bucks in that suit in your pic.

Second this is a great blog.  I personally think all mortgage brokers by law should be FHA capable.  It is shocking how many FHA candidates are put into non FHA or declined and then they lose hope!!! 

Keep up the great work..your customers are in good hands.

Apr 01, 2008 02:07 PM #1
Rainer
82,653
Justin Williams
Independent - Virginia Beach, VA
Loan Officer
Charles - LOL why thank ya :) I believe 100% in this product and see nothing but the best for the outcome, thanks again for stopping by!
Apr 01, 2008 02:19 PM #2
Ambassador
582,397
Konnie Mac McCarthy
MacNificent Properties, LLC - Cobb Island, MD
Broker/Owner - VA & MD "Time To Get A Move On!"
thats all I am doing now is fha loans
Apr 01, 2008 02:24 PM #3
Rainer
82,653
Justin Williams
Independent - Virginia Beach, VA
Loan Officer
Konnie - thats great and im sure the new home owners appreciate it too!
Apr 01, 2008 02:26 PM #4
Rainer
61,960
Denise Shockey
RE/MAX Aerospace Realty - Cocoa Beach, FL
Cocoa Beach, Brevard County Florida Real Estate
Justin-Thanks for the great update.  Its good to hear positive mortgage news, thanks for taking the time to share.
Apr 01, 2008 03:32 PM #5
Rainer
61,519
n d
Naoma Doriguzzi - Virginia Beach, VA
FHA is the way to go!  I like the graphics.  I need another class!
Apr 01, 2008 11:02 PM #6
Rainer
82,653
Justin Williams
Independent - Virginia Beach, VA
Loan Officer

Denise - Positivity is the way to go! thanks for commenting!

Naoma - Its always good to brushen up our FHA skills :)

Apr 02, 2008 02:57 AM #7
Anonymous
I do not agree

Although FHA is great for many "in city" borrowers, many like myself, were approved until it came down to the appraisal process. Our "wanted" home appraised for 300,000 and we asked for 200,000 after the down payment and particulars. FHA agreed, but then denied because there are no "comps" within 1 mile of the home. We live in a small, rural area in Texas. Many homes are more than 1 mile apart, and it is nearly impossible to find one comparable to the listed home in the county let alone find three within a 1 mile radius. This stipulation is horrid in my opinion as well as in the bankers opinion. We are now having to look for another alternative. FHA appraiser said that unfortunately many homes are now turning to "owner finance" or cash because of this stipulation.

Nov 18, 2008 01:07 PM #8
Anonymous
mel

Reading this blog has given me hope...we have been working so hard on fixing our credit (my husband and I).  He is now almost at 600 (middle score).  His high score above 600.  However, I read that with FHA you can have no lates...is that correct?  Because we have a few --90 days on one credit card (due to my loss of employment). I am a bit stressed because we just found a house that we love!  But I do not know what type of financing we can get...Any advice?

Oct 07, 2009 12:42 AM #9
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Justin Williams

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