Low to Zero Down Payment, FHA Loans Available!
Today’s FHA Loan
This is Not Your Father’s FHA!!
FHA Lending is Exploding
Now represents >30% of loans being written
Geared for:
First time buyers
Borrowers with little to no money
Buyers with less than perfect credit
Non-occupant co-borrowers
Hot Features of FHA
3.500% down payment
6% seller concessions
All funds can be gifted
No reserve requirements
No income limits
Very competitive interest rates
FHA Highlights
Limited to owner-occupied property
Available for 1-4 unit properties
No minimum credit score
Flexible down payment sources allowed
FHA Overview
Borrower must have 3.500% down payment
Pre-paids do NOT count toward 3.500%
Seller can pay up to 6% in cc/pp
Seller paid costs should always be applied to pre-paids first, then closing costs
1-4 unit purchases allowed
Loan To Value as high as 96.5%
2-4 unit properties must be self sufficient
Gifts and grants are allowed toward down payment
FHA Credit
No minimum credit score!
Some lenders impose their own min. FICO
Last 12 months should show no late pmts.
Judgments typically must be paid
Collections not required to be paid
Letter of explanation should be in the file for all bad credit
Non-traditional credit allowed
Joey Barbera
Certified Mortgage Planner
615-482-0328 Cell
jbarbera@realtymortgage.com
www.nashvillemortgageinfo.com