Little known facts about FHA mortgages
Little known facts about FHA mortgages
Post Date:
10-08-2019
- FHA loans are available for one to four family unit properties with one unit being owner-occupied.
- The minimum down payment for an FHA loan is 3.5%.
- FHA has a minimum credit score of 500 to 579 but it requires a 10% down payment. Not all lenders are willing to make loans to borrowers with lower credit scores.
- There is a program for a borrower to roll the cost of the repairs into the mortgage.
- Mortgage Insurance Premium is required on all loans
- Mortgage Insurance Premium is required for the life of the loan.
- Refinancing an FHA loan has a simplified process of qualifying.
- FHA loans are easier to qualify for than conventional loans.
- Borrower needs a valid Social Security number.
- Borrower needs to provide proof of U.S. citizenship, evidence of legal residency or eligibility to work in the U.S.
- Borrower must be of legal age according to the state's borrowing laws.
- Sellers can pay some of the borrower's closing costs.
For all your real estate needs, please contact us:
http://horizonpropertiesguam.com/contact-horizon-properties-guam