Due to the recent changes in mortgage guidelines, we are seeing increased demands for FHA loans.
Points to consider:
Conventional loans at 97% ltv will be turned town because you can no longer get PMI. No Problem for FHA loans.
Conventional loans are tier priced increasing the rate for FICO under 680. FHA are not tier priced to 600 FICO.
Conventional loans will start requiring 5 years from bankruptcy discharge date. FHA requires 2 years.
Short of cash to close? Conventional allows 3% for >90% ltv FHA allows 6% interested party concession.
Parent willing to be the non occupant coborrower to support debt to income ratio-No problem FHA
Family willing to give gift for the entire downpayment, closing cost, and prepaids-No Problem FHA
Maximum FHA Loan Limits in Dallas area is $271,050
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