FHA Purchase/Refinance (203b)
This is the most common FHA loan, and allows for low down payments for purchasing a home and minimal equity is needed for refinance loans.
We can offer these type of FHA loans with as little as a 580 FICO score.
Low Down Payment –
The minimum down payment for a home purchase is 3.5% of the sales price. Available for 1-4 unit properties, FHA approved condos, and manufactured homes.
580 Minimum FICO Score –
Compare that to many other lenders that require a 640 FICO score. Because of this, we can get more people qualified.
High Loan to Value Refi –
Refinance for up to 97.75% of the value of your home. Can be used as a rate/term refinance, or to combine two mortgages into one.
Cash Out up to 85% –
Receive cash out to pay off debt, remodel your home, or for any other reason. Up to 85% of your home value.
For purchase loans, borrowers can use a gift from a family member or close friend to be used for the down payment. If you’ve had past credit issues, FHA loans can be an excellent option. There is only a 2 year waiting period requirement for bankruptcies, and a 3 year waiting period for foreclosures.
To see the maximum FHA loan limit in your area, please see the HUD FHA Loan Limits page.
Want more information on FHA loans?
Contact us today to receive more information.
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