|
1. How can you qualify borrowers for a FHA Loan?
2. What are some key features of an FHA Loan?
3. How can first time home buyers purchase a home?
4. How can you help borrowers who need repairs or want to make improvements to their home?
5. How do you know if your borrower qualifies for this type of loan?
6. How do you refinance an existing FHA mortgage for your borrower and reduce their monthly principal and interest payments with less documentation?
1. How can you qualify borrowers for a FHA Loan?
Borrowers who qualify may:
- Have low to moderate income
- Live in a disadvantaged neighborhood
- Have a home or are interested in purchasing a property that needs repairs
- Lost their home in a federally declared disaster
- Are first time home buyers
2. What are some key features of an FHA Loan?
- Down payments as low as 3.5% of the sales price
- Fixed and adjustable rate mortgages
- Purchase, rate/term refinances, cash out refinances and streamlined refinances
- Maximum qualifying ratios 31/43% which may be exceeded with compensating factors
3. How can first time home buyers purchase a home?
Through affordable housing programs that New American Funding offers we can help provide your borrowers with low to moderate income to purchase a home.
Here are some highlights
- Nontraditional credit may be overcome
- Monetary gifts accepted as down payment
- Lower Monthly payments through extended terms
- Purchase or rate/term refinances with up to 97% LTV
4. How can you help borrowers who need repairs or want to make improvements to their home?
New American Funding offers financing programs with our FHA rehabilitation loan programs
Here are some features
- Rehabilitation costs may account for up to 50% of the as-complete value
- Purchase and rate/term refinance
- Flexible credit qualifying
- Work can be completed by contactor or borrower
- Any type of improvement is eligible provided it becomes a permanent aprt of the real property and adds value.(Luxury items are not eligible, such as hot tubs, pools, tennis courts)
5. How do you know if your borrower qualifies for this type of loan?
- Borrowers who have low to moderate income
- Have limited cash for a down payment or closing costs
- Live in disadvantaged neighborhoods
- Are interested in purchasing a property that needs repairs
- Are existing homeowner who needs funds to rehabilitate their property
- Have imperfect credit or low credit scores(min credit score of 620)
6. How do you refinance an existing FHA mortgage for your borrower and reduce their monthly principal and interest payments with less documentation?
- Available financing for existing FHA mortgages which are current and not delinquent in past 12 months
- Appraisals may not be required for refinancing
- Loan amounts up to $729,750 on 1 unit properties
- Borrowers may qualify without verifying income, assets or source of funds
- Owner occupied and second home
|
