FHA Loans

FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. Some of the other benefits of FHA financing:

• Only 3.5% investment is required
• 100% gifts are allowable
• Lower monthly mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium.
• More flexible underwriting criteria than conventional loans
• FHA limits the amount lenders can charge for some closing cost fees (e.g. the origination fee can be no more than 1% of mortgage).
• Loans are assumable to qualified buyers.
• FHA streamlining re-finance programs require less documentation.
• FHASecure refinances allow you to refinance out of Conventional or Subprime Adjustable Rate programs to lower FHA Fixed Rates.
• Purchase a current HUD owned home and your down payment can be as low as $100.

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