FHA LOANS

Federal Housing Administration – (FHA) is a government agency which sponsors this most popular program known as a FHA 203b – for purchases and refinances.

 This program is a widely used “first-time buyer” program because of its many benefits such as:

•  Seller can pay all closing costs (up to 6% of sales price)
• Primary residence only
• Low down payment (currently 3.5%)
• Gifts allowed for down payment
• Non-occupying co-borrowers allowed (to help borrower qualify)
• Low montly mortgage insurance (lower than conventional)
• No cash reserves required
• Bankrupcty – okay (chpt 7) 2 yrs from discharge (chpt 13) 1 yr from filing (with timely payment history and permission from trustee)
• Loan is Assumable
• Manufactured Home Loans available
• No pre-payment penalty

Being a mortgage broker, Landmark Mortgage has many resources for this program.  It is important to be “pre-approved” for your FHA mortgage and fully educated on it’s benefits.

Call me today to get started!