Advantages Of FHA Mortgage Loans
FHA will allow you to put down as little as 3.5% of the purchase price plus closing costs if you intend to purchase a home. (Generally, conforming loans require a 5% down payment, which must come from the borrower's own funds.) FHA allows the 3.5% down payment to be a cash gift from a relative or close friend with a clearly defined and documented interest in the borrower. In addition to covering the 3.5% down payment, the gift may also cover the closing costs. (Conforming loans require the gift to be at least 20% of the purchase price for the borrower to only need to contribute 5% of the purchase price from his or her own funds.)
Company Information:
Moreira Team | MortgageRight
1230 Peachtree Street Northeast #1900a Atlanta, GA 30309 United States
Phone: (404) 238-7888
Website: https://moreirateam.com/mortgage-products/fha-refinance/
Services Provided:
FHA Refinance
Refinance FHA Mortgage Rates
Refinance FHA Loan
FHA Refinance Cash Out
Moreira Team | MortgageRight
FHA allows the seller to pay up to 6% of the purchase price toward the buyer's closing costs with only a 3.5% down payment. This may be applied to title fees or other closing costs, and may also be used to purchase a lower interest rate. (Conforming loans will only allow the seller to pay 3% of the closing costs if the down payment is at least 10%) FHA may allow you to qualify with a debt-to-income ratio of up to or even greater than 50 percent. with only a 3.5% down payment if an automated underwriting approval can be obtained. (Conforming loans have a maximum debt-to-income ratio of 41% unless a 20% down payment is made.)
Refinance FHA Mortgage Rates
FHA Mortgage will allow a non-occupant co-borrower to purchase the home and be a co-borrower with you if additional income and/or assets are required to meet the requirements. (Generally, conforming loans do not permit this unless you meet the debt-to-income ratio requirements on your own.) If we can prove that your student loans have been deferred for at least 12 months, FHA will allow us to disregard any monthly loans you might have. (Conforming loans will require us to include all student loan payments, regardless of whether they have been deferred for 36 months or longer.)
FHA may allow you to qualify even if you have had a chapter 7 bankruptcy discharged at least 24 months ago and a chapter 13 bankruptcy filed and paid as agreed for only 12 months. (Conforming loans require 48 months since the filing of bankruptcy)
Pictures of FHA Refinance
FHA may allow you to qualify if you have experienced a prior foreclosure as long as it occurred more than 36 months ago. (Conforming loans require at least 60 months since the foreclosure) FHA mortgages may also be assumed if the party assuming the mortgage qualifies based on income, credit, and the amount of the down payment. This is extremely significant if/when the time comes for you to sell your home and your mortgage interest rate is at a historically low level. This will not only give you a significant advantage over other homeowners selling their homes at the same time, allowing you to sell your home more quickly, but it may also allow you to obtain a higher sales price. (Conforming loans prohibit any transferability).
PDF Documents About Refinance FHA Mortgage Rates
FHA has a loan program for streamlined refinancing. If rates do fall, you may be able to refinance without obtaining a new appraisal, without providing proof of your income, and still qualify for the lower rate. If you are considering purchasing a home but do not believe you qualify, FHA may be the ideal program to help you realize your dream of homeownership.