Are you looking for a flexible option to buy or refinance a home?  The FHA loan has been around for decades to help regular folks like you make the best out of their homeownership experience.  Dig into the resources below to help make a good, solid decision!

FHA Allows the Following:

• You can be in or just out of Chapter 13
• Your debt ratios to be much higher than conventional loans
• You can have IRS debt as long as you have a payment plan
• You can have collection accounts, as long as they are being paid off in the loan
• Your scores can be all the way down to a 580
• And much more!

Purchase Transactions:

Feature: Rate is fixed for the term of the loan

Qualifications:

• Credit scores as low as 550.
• Maximum 50% debt to income ratio
• Maximum loan to value: 97%
• Maximum loan amount: 115% of the county loan limit. Ceiling is $1,209,750 for one unit properties.
• Traditional income sources, ie. tax returns, W-2's, etc.
• Owner-occupied only.
• Chapter 7 bankruptcy, must wait two years after discharge.
• Chapter 13 bankruptcy, borrower may be in bankruptcy, with the approval of the court.
• Prior foreclosure/short sale:  Waiting period is three years.
• 1-4 units; manufactured homes (not mobile homes); condos (on approved list) and PUDs allowed.

Refinance Transactions:

Feature: Rate is fixed for the term of the loan

Qualifications:

• Credit scores as low as 550.
• Maximum 50% debt to income ratio
• Maximum loan to value: 97% (rate and term), 80% (cash out)
• Maximum loan amount: 115% of the county loan limit. Ceiling is $1,209,750 for one unit properties.
• Traditional income sources, ie. tax returns, W-2's, etc.
• Owner-occupied only.
• Chapter 7 bankruptcy, must wait two years after discharge.
• Chapter 13 bankruptcy, borrower may be in bankruptcy, with the approval of the court.
• Prior foreclosure/short sale:  Waiting period is three years.
• 1-4 units; manufactured homes (not mobile homes); condos (on approved list) and PUDs allowed.

Refinance Transactions:

Feature: Lower your rate on your current FHA loan

Qualifications:

• Must have a current FHA loan
• No appraisal required
• No LTV requirements
• No income qualifications
• Credit report is pulled but is not used to qualify borrower
• Owner-occupied, 1-4 units, 2nd homes, investments allowed (higher rates and fees may apply)

FHA Back to Work Program

Purchase Transactions:

Feature: Rate is fixed for the term of the loan

Qualifications:

• Credit scores as low as 550.
• Maximum 50% debt to income ratio
• Maximum loan to value: 97%
• Maximum loan amount: 115% of the county loan limit. Ceiling is $1,209,750 for one unit properties.
• Traditional income sources, ie. tax returns, W-2's, etc.
• Owner-occupied only.
• Prior credit event (BK, foreclosure, etc.) waiting period is waived.  Must prove financial hardship and recovered from such.
• Home counseling is required.
• 1-4 units; manufactured homes (not mobile homes); condos (on approved list) and PUDs allowed.

Refinance Transactions:

Feature: Rate is fixed for the term of the loan

Qualifications:

• Credit scores as low as 550.
• Maximum 50% debt to income ratio
• Maximum loan to value: 97% (rate and term), 80% (cash out)
• Maximum loan amount: 115% of the county loan limit. Ceiling is $1,209,750 for one unit properties.
• Traditional income sources, ie. tax returns, W-2's, etc.
• Owner-occupied only.
• Prior credit event (BK, foreclosure, etc.) waiting period is waived.  Must prove financial hardship and recovered from such.
• Home counseling is required.
• 1-4 units; manufactured homes (not mobile homes); condos (on approved list) and PUDs allowed.