FHA

FHA, "Federal Housing Administration", is a program that has been in place since the 1930's. FHA's goal has been to stimulate the housing market by making home loans accessible and affordable. 

  • Benefits:
    • 3.5% down payment required.
    • Mortgage insurance based on loan balance, reduces each year.
    • Flexible credit qualification.
    • Allows higher debt ratios.
    • No income restrictions.
    • Non-occupant Co-borrowers allowed.
  • Requirements
    • Primary residence only.
    • At least one borrower must have a valid credit (FICO) score.
    • For clients with lower credit scores, but are recovering:
      • 500 - 579 Credit Score; 10% down payment; 32/43% ratio allowed
      • 580 - 619 Credit Score; 3.5% down payment; 32/43% ratio allowed
    • Mortgage Limit $359,950, for Atlanta Metro single family home.  Amount decreases in other counties, call for limit.
    • Only own one FHA financed home allowed within the local area.  You can however have an FHA and Conventional home in the same area.  Call to discuss.
    • Maximum  4 borrowers.

FHA $100 Down Payment Program

Similar to FHA, but only requires $100 down payment instead of 3.5%.

 

Guidelines change frequently, therefore, we do not guarantee accuracy.  Above is provided as a reference, to be confirmed with our team. Subject to change without notice.