Share up-to-date information with your buyers so they can be better informed about the loan options available to them.
FHA Loans Are Available for Individual Condos
由于2019年10月的变化, buyers can qualify for FHA loans for individual condos without the entire building needing to be approved. 获得联邦住房管理局对单个单元的批准, the buyer’s lender will still need to file paperwork with the FHA showing the development meets basic FHA standards.
联邦住房管理局提供贷款的fixuup
An FHA 203(k) loan can be used to purchase and renovate a property. The costs of the renovation are rolled into the total mortgage amount. The property may undergo two appraisals: an “as is” appraisal assessing the pre-renovation condition and an appraisal that assesses what the hypothetical condition would be after renovations are complete.
Gift Money Can Be Used as Part of a Down Payment
An FHA loan allows you to use gifted money as part of your down payment. The donor will need to provide a letter signed and dated by the person giving the gift and the borrower with the giver’s contact information, 他们和你的关系, 礼物的金额, and a statement that no repayment is required.
FHA Mortgage Insurance Cancels After 11 Years for 10% Down Payments
Mortgage insurance is required for all FHA loans, but if a down payment of 10% or more is made, mortgage insurance premiums last only for 11 years rather than the life of the loan.
允许50%的债务收入比
在某些条件下, FHA loans will allow a debt-to-income ratio of up to 50%, which means your total monthly debt payments could be up to 50% of your pretax income. Qualifying for this maximum ratio requires a credit score above 580 and compensating factors such as verified cash reserves or additional income not already factored into the ratio. Debts you aren’t actively paying count toward this ratio. For deferred student debt, 1% of the total will be used as the monthly payment amount. For other loans you aren’t currently repaying, 5% of the loan’s total will be used to calculate your ratio.