FHA Loans offer Benefits

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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