Hello Clients and Agents,
FHA is the King of all loans again.
Who needs stated income when FHA will allow multiple Blood or by marriage relatives to co sign on the loan.
FHA allows as many 2nd or 3rd loans on any loan they do, there is no combined loan limits by dollars or percentage (not from interested parties in transaction.)
FHA is now loan limited restricted by county's (the higher the median price the higher the loan amount limit), in 2009 the uniform limit will be $625,000.
Seller can still contribute 6% to closing cost and rate buy downs. (more than enough to make it a sweet deal for a buyer)
Today at 1 point cost we are at 5.875% on a 30 yr Fixed FHA pre stimulus loan size and 6.0% on the larger stimulus loan sizes.
Gifts from employers and family members, even very close family friends are ok for Down Payments (buyer must have $500.00 of own funds in the deal)
Lower FICOs with Alt A pricing, you get to have it all Lower mortgage insurance premiums & (on a 15 year term with 10% down has no monthly MI payment, just the up front fee rolled into loan.)
We are a Federal Savings Bank, When we send docs out there are NO prior to fund conditions that a Broker must get. We sign the docs and fund the deal. T
hat is the power of having your own money to lend, we can say yes and mean it.
I lend in all 50 states so if you have any referrals in the US please pass along my contact info.
Christopher Austin
Certified Mortgage Planer
805-235-5200 Direct
805-544-4622 Fax
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