FHA and Investor Specialist

Here are 10 ways FHA financing can help you qualify to purchase or refinance a home, or ways you can utilize FHA to help someone buy a home:

1.  3% Down Payment with seller concession available for purchases of up to 4 unit properties.

2.  3% Down payment can be from a gift or Down Payment Assistance Program.

3.  Up to a 6% seller's concession can be used.

4.  FHA allows for Manufactured Housing, as long as the property meets their guidelines. 

5.  There is no minimum credit score requirement to qualify, although a clean 12 month history is generally required.

6.  15 Year FHA Loans offer dramatically lower Mortgage Insurance.

7.  A past Chapter 7 Bankruptcy will not disqualify a borrower, provided the the BK has been discharged 2 years and acceptable credit has been re-established.  In some cases, a Ch. 7 may only need to be discharged 1 year if extenuating one-time circumstances can be proven.

8.  Non-Occupant co-borrowers can help to add income to qualify an applicant.

9.  Those with no established credit can use 4 alternative sources of credit such as rent, utilities, etc. in order to qualify.

10.  FHA has programs available for buyers to finance repairs on a home being purchased.

Michael Byrne, Mortgage Banker, www.mortgageprosforum.com  and www.cafepress.com/buyfromclarence