WHAT IS A FEDERAL HOUSING ADMINISTRATION (FHA) LOAN?
Since its inception in 1934 the Federal Housing Administration has helped over 34 million consumers find their way to home ownership. In all actuality FHA doesn't loan any money, they insure it. The purpose of the FHA loan is to help home buyers that lack large down payments or may not have a higher credit rating to still fulfill their dream of owning a home without having to pay higher interest rates or fees. Jim Kreminski and his team at Northwest Mortgage Advisors have been helping clients achieve that dream through FHA for over 25 years. Let us put our expertise to work for you. Why FHA?
- Lower credit scores make it easier to qualify
- Low down payment
- Non-occupant cosigner allowed
- Better interest rates
- Enables buyers who have suffered from a shortsale or forclosure to find their way back to home ownership
- Lender must be FHA approved
- Up to 100% closing cost may be covered as a gift
BORROWER REQUIREMENTS
- Owner Occupied only- borrower must live in the home as a primary residence
- Minimum 620 to 580 Credit Score
- Full income/asset documentation only – W2 and/or tax returns
- 3.5% minimum down payment
- No minimum borrower contribution required – 100% down payment can be a gift
- Approved buyer assistance can be used up to 100% combined loan to value
- Maximum 46.99% front end 56.99% back end debt to income ration with automate underwriting approval
LOAN TERMS
- 30 Year Fixed
- 15 Year Fixed
- 5/1 ARM – Adjustable Rate Mortgage
- Upfront Mortgage Insurance Premium can be financed into loan amount
- Annual Mortgage Insurance Premium (paid monthly)
LOAN LIMITS
The maximum loan amount allowed when using an FHA insured mortgage is determined by the County
you live in. Loan amounts can also vary based on the number of units in the property.
To see what the limits are for your county go to:
FHA lending limits in Oregon
FHA lending limits in California
WAITING PERIODS AFTER CREDIT HARDSHIP
- 2 Years from Discharge of Chapter 7 Bankruptcy
- 1 Year from Discharge of Chapter 13 Bankruptcy
- 3 Years from Foreclosure, Short Sale or Deed in Lieu of Foreclosure
It is always best to discuss your circumstance with us first regardless of the waiting period. We are here
to help you prepare ahead of time enabling you to align yourself with the qualifying process. Our goal
is to help clients that suffered as a result of the crisis, find their way back to home ownership.
GET PRE-APPROVED FOR A FHA HOME LOAN
APPLY NOW OR CALL JIM KREMINSKI @ 541-526-7210 FOR A FREE LOAN CONSULTATION
