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Answers (2)
- yfalade
- Contributions:19
In addition, FHA loans may be assumable, loan modification if and when you ever become upside down is mandatory, and you can use FHA also for "rehab" on residential and mixed use properties with up to four units. Again, FHA is not subjected to the present on-going HVCC delays and brouhahas!
Ola Adesina, CBR
Certified Buyer Rep.
Cell (347) 869-6833
for Sales, Rentals In the 5 Boros & Long Island
Charles Rutenberg Realty, Inc
Ola Adesina, CBR
Certified Buyer Rep.
Cell (347) 869-6833
for Sales, Rentals In the 5 Boros & Long Island
Charles Rutenberg Realty, Inc
- Robert Lowery, "Bob Lowery"
- Contributions:2097
Its a type of loan that allows borrowers to purchase homes with as little as 3.5% down payment and it can come from a gift or government bond/grant that is HUD approved. Most conventional programs require 5-10% down. The guidelines are a little more relax on FHA loans when it comes to credit and debt ratios.
You can also refinance a home with a FHA loan for those with higher LTVs, lower credit scores, and/or higher ratios.
You have to pay 1.75% up front in mortgage insurance (UFMIP), but this can be financed into the loan. And, you also pay mortgage insurance (MIP) on a monthly basis, but the rates are almost as good as conventional rates.
Hope this helps.
You can also refinance a home with a FHA loan for those with higher LTVs, lower credit scores, and/or higher ratios.
You have to pay 1.75% up front in mortgage insurance (UFMIP), but this can be financed into the loan. And, you also pay mortgage insurance (MIP) on a monthly basis, but the rates are almost as good as conventional rates.
Hope this helps.
what is a fha loan?
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