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FHA Defined: An FHA loan is a home mortgage that allows for a purchase or refinance of a primary residence with a low down payment and is insured by the Federal Housing Administration. FHA’s mortgage insurance programs help families become homeowners by lowering the cost of financing and the down payment barrier to buying. FHA loan limits vary by county.
In contrast to conventional mortgage products, which frequently require down payments of 5% to 20% depending on your credit history, FHA makes it possible to reduce your down payment to as little as 3.5% on numerous type of properties. These Mortgages are insured by FHA which allows borrowers to finance approximately 96.5% of the value of their home purchase in many cases. Borrowers can make the down payment with a gift.
The down payment can be 100% gift funds from a family member or in some cases a charitable organization. This is one of the key benefits to the FHA program. Verification of the source of gift money is required. It is necessary that the gift funds be deposited in the borrower’s bank, or in an escrow account, prior to underwriting approval. Proof of deposit is required. Cash gifts are not allowed.
Verification of a co-signer who does not live in the property is simple. If you need a little financial push to qualify it can be a good strategy to add your mom, dad, family member or close friend to co-sign on your home loan so you can buy the home you want. Typically we can remove the co-signer from title within 30-60 days, and from the home loan within a year.
FHA has permitted streamline refinances on insured mortgages since the early 1980s. “Streamline” refers only to the amount of documentation and underwriting that needs to be performed by the mortgage company.
VA loans are an incredible benefit for those who have served our country. The Veteran’s Administration (VA) allows the borrower to finance 100% of the purchase price of their primary home and allows the seller to pay all of the buyer’s closing costs. In addition, a seller may also contribute to debt reduction on the borrower’s behalf for qualifying.
VA home loans generally offer low interest rates, easier qualification standards, less strict credit and income standards and no prepayment penalties. There are additional benefits offered to disabled veterans applying for a VA loan.