I had the privilege to hear Mellody Fairbanks of Wells Fargo Home Mortgage speak about the new FHA. She was fantastic and I came away more informed for my clients. This was a great training class.
Some of facts presented about FHA:
Minimum down payment: 3.50% of purchase price
Maximun seller can pay: 6% of purchase price
Up front PMI: 1.75% of loan amount
Monthly PMI: .55% of loan amount before financed PMI is added
Income: MUST average over last 24 months (commissions, overtime, etc)
Self Employed: MUST have 2 years of FILED tax returns (coporate & personal are averaged)
Assets: All non electronic depostis are to be fully documented
The other important fact I learned is your credit score determines the interest rate you get.
If you would like more information or have any questions about FHA financing, feel free to contact Mellody at Wells Fargo Home Mortgage or contact me at Alliance Real Estate.
I want to thank Mellody for all the great information and look forward to learning more from her.