FHA Loans – Purchase / Streamline Refinancing

FHA is most often a great loan program for the first time home buyer or those who have not owned a home within the last three years from date of application.  The key component of this program is that it requires very little as a down payment compared to the Conventional Loan program.  It can also be used as a refinancing tool for those currently utilizing an FHA mortgage.  This type of refinance is also known as a Streamline FHA.

Some key points of this loan program are:

  • Minimum down payment of 3.5%
  • Max loan amounts to $331,760
  • Gift of down payment from family relative allowed
  • Seller can contribute up to 6% of purchase price towards closing costs
  • Lower Credit Scores allowed (Speak with Loan Consultant)
  • Lower Interest Rates
  • Government Insured Loan Program
  • Monthly Mortgage Insurance Required
  • Available for Purchase/Refinance/Cash-out
  • Streamline Refinance (No Income or Appraisal Necessary!!)