FHA Loans offer Benefits

Posted on March 4, 2009 by admin_fletcher

FHA loans help PRIMARY residences buyers (only) with unique benefits such as no income limits, no geographic restrictions, low down payments, 100% gift funds or loan allowed, flexible credit and underwriting guidelines, and no reserve requirements.

Loan limits: Okaloosa County $312,500 – Walton County $362,790

Maximum financing without financed MIP effective 01/01/09: 96.50%
Minimum down payment: 3-1/2%
Closing Costs – Maximum seller contribution is 6% of the contract price. This can include prepaids.
Source of funds to close 1)Personal funds that are verified on deposit for minimum of 2 months. Gift from close relative, close friend or employer. Conditions apply. 2)Loan from immediate family member only. Conditions apply. 3)Secured loan against asset owned by borrower. Conditions apply.
Mortgage Insurance Premium (MIP) – FHA collects mortgage insurance up-front and monthly. The up-front premium can be financed into the loan amount. Monthly premium is added to the monthly payment.

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