October
2008
Our Mortgage network professionals have put together a FHA mortgage update. With market up and down and loan requirements changing on the hour it is good to stay in formed with what programs are out there so that you can access your chances of acquiring a loan when you decide to purchase.
Here are some quick FHA bullets
1)Can put as little as 3% down 1-4 units (tough on condos…must be approved, or spot approval under certain guidelines)
2)Allows for a non occupant co-borrower, with no income limits on owner occupied borrower (must show a relationship)
3)can finance all other costs
4)Much more flexible on credit score.
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