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F H
A LOANS
Financing
& Mortgage Homepage
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What is FHA?
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FHA loans are loans that are insured by HUD.
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How do I get started?
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Find a mortgage specialist who can handle FHA loans.
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What are the occupant requirements?
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Owner occupied properties only.
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Are co-signers allowed?
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Yes, non-occupant co-signors are allowed. Maximum
financing is only allowed if co-borrowers are related by blood. If the
co-borrowers are not related by blood then the LTV (loan to value) is capped at
75%. Co-signors are not allowed on properties with more than one unit.
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What is MIP?
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It is the Mortgage Insurance Premium that HUD
charges to do a FHA loan. The premium is 1.50% of the base loan amount for 30
year loans and 1.25% of the base loan amount for 15 year loans. The MIP may be
financed or paid for by the buyer or seller. There is no MIP charged on
condominiums. There is no MIP with 20% down payment.
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Is secondary financing allowed?
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Yes. HUD approved secondary financing is allowed to
be used to cover the down payment and closing costs. Access 2000.
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Can you have more than one FHA loan?
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May be. An individual can have more than one FHA
loan when one of the following three conditions are met:
1. Relocating and new job is not within commuting
distance of existing home. 2. Borrower can document that they have outgrown
existing home and larger one is needed. 3. Borrower is a non-occupant co-borrower.
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What level of income is needed to qualify?
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There are no minimum income requirements or income
limitation about HUD wants to see no more than 29% of gross monthly used for
mortgage payment and no more than 41% used to service all monthly debt. If
property is built after 4/94 ratios increase to 31/43% due to energy efficiency
of home.
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Are reserves required?
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Not on one or two unit properties, however three (3)
months PITI is required for 3-4 units. (over 4 units must go commercial)
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Are gifts allowed for the down payment?
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Yes, gifts are allowed for the down payment if
1. the donor is a relative, or 2. Non profit organization,
Hart or Nehemiah
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What type of credit is required?
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In general 12 months of clean credit is
required. If a Chapter 7 bankruptcy was filed two years must have passed
since its discharge date. If a Chapter 13 bankruptcy has been filed 1 year
must have passed since the filing date and approval from the bankruptcy
trustee must be obtained. If there was a foreclosure, 2 years must have
passed since the foreclosure date.
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Can the seller give a buyer any type of repair
allowance through escrow?
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No, however the seller can contribute up to 6%
to the buyer to cover his/her closing costs. Seller can pay the following
items that the buyer can not pay: 1.
Tax service, 2. Flood Certification, 3. Regulatory
Compliance Fee, 4. Doc Preparation/Underwriting. The
appraisal is negotiable, it can be paid by either buyer or seller.
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What is the maximum loan amount for a single family
residence through FHA?
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It differs from state to state, but is
approximately $155,000. To
get the exact amount for the state you live in please choose a lender or
real estate agent who will be able to answer that for you.
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How should I get started?
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Find a FHA Lender or
real estate agent who
knows FHA procedures
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| Find a FHA
Lender - Find a Real Estate Agent who knows FHA
Financing
& Mortgage Homepage
The information provided
herein is to give you an idea of what your finance options are, but may
not be up to date, correct or applicable in your case. See a tax
advisor, attorney, real estate agent or lender for assistance.
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