FHA financing
  • 3.5% down payment
  • 620 minimum credit score
  • loan amount up to $417,000 for 1 unit,  2 or more units increased loan amount available
  • Escrow hold back allowed for repairs
  • Does not need to be a 1st time home buyer
  • back end ratios up to 55%, increases buying power
  • 6% seller contribution allowed
                                                 5 myths about FHA

1-FHA takes longer to get approved
    Not True: FHA takes no longer then conventional loans
2-FHA requires a lot of extra paper work
    Not True: only a simple few documents that take no extra time
3-FHA loans cost more than conventional loans
    Not True: FHA loans are often less expensive then conventional
4-FHA required mortgage insurance is too expensive
    Not true: very similar to conventional if putting less than 20% down
5-FHA loans have very restrictive guidelines
    Not True:  In fact it's the complete opposite in many cases