New FHA Guidlines

Real Estate Agent with J. Rockcliff Realtors

Read about the recent changes to the FHA guidlines for financing home purchases and refinances in Contra Costa County, Pleasant Hill.....

Up to 100% of the down payment can be gifted

All FHA loans (regardless of loan to value)require PMI 1.5 points up front  which can be financed in to the loan as long as this does not take you over the loan limit.

All FHA loans (regardless of loan to value) also require monthly PMI calculated at .5% of the loan amount ( paid monthly)

PMI must remain for a minimum of (5) years and removed only if ltv is at 78% or less after that (5) year period.

Seller credit is limited to 6% of the sales price

If seller pays up front mortgage insurance 100% must be paid by seller and so noted on the final settlement statement.

Seller credit can cover recurring and non recurring closing costs

Buyers debt ratios cannot exceed 30/43

Non occupant co borrowers income can be used to help qualify

All loans are full documentation including  pay stub's, w'2's and bank statements, or tax returns for self employed and 2 months bank statements showing the source of the down payment .


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