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FHA Loans

If you are cash strapped but really want to buy a house, then we have an FHA program with a 1/2 % down payment and also FHA no money down. The 1/2% down payment FHa loan is not available for manufactured homes and is only available for SFRs, condos, and townhouses. As of the time 6/12/16 we have just two lenders offering the program. The standard FHA loan has a 3.5% down payment and requires a minimum 620 credit score, though there are some lenders that will go to 580 on this. With the lower credit score, the ratios max at 43% and buying power is diminished. With an FHA loan you will pay upfront MIP (mortgage insurance premium-1.75% of loan amount) plus a monthly premium. The upfront MIP can be financed over and above the loan amount, or paid in cash or by the seller or a lender credit. Additionally, the monthly MIP must be paid for the life of the loan.

FHA Sapphire program
  • 96.5 % First Lien
  • 3 % 2nd Lien 8.5% 15 year term
  • 640+ Credit Score
  • Homebuyer education required
  • Income cannot exceed 120% of AMI for geographic area
  • Gifts allowed
  • 6% Seller Credit for Closing Costs OK
  • Non-occupant co-borrower not allowed
  • Max DTI 45% - 680+ score to 48%
  • DU Approve Eligible
  • 2 years after bankruptcy required
  • 3 years after foreclosure required

Click here for additional information on FHA loans

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