FHA Loans - Residential Properties
Katz Mortgage Team, backed by Fairway Independent Mortgage Corporation is pleased to announce they are now offering the following government-backed FHA loan programs.
These programs are perfect for first-time-homebuyers, and especially for borrowers with less than perfect credit. We have all programs to meet your financial needs: fixed, adjustables and buy-downs. An FHA insured mortgage may be used to purchase or refinance a new or existing 1 to 4 unit family home or a condominium. Also, these loans have been updated with new higher loan limits up to $544,000 depending on the county; however, most metropolitan counties have a limit between $200,000 and $300,000. To find out what the FHA loan limits apply in your state, please click here.
Loans up to 100% LTV with down payment assistance:
If you are a qualified homebuyer using an eligible non-profit organization such as Nehemiah, you may be able to move into your new home with zero cash out of pocket! FHA and The Nehemiah Program can help you become a homeowner!
95% Cash-Out Refinance
We can help current homeowners pull out 95% of your equity. FHA offers a 95% cash-out refinance program with the following conditions:
- The loan is limited to 95% of the appraised value.
- The property that is security for the refinanced mortgage must be a 1- or 2-unit dwelling.
- The borrower as his or her principal residence must have owned the subject property for at least 12 months preceding the date of the loan application.
- If the property is encumbered by a mortgage, the borrower must have made all of his/her mortgage payments within the month due for the previous 12 months, i.e., no payment may have been more than 30 days late and is current for the month due.
- Subordinate financing may remain in place, but subordinate to the FHA insured first mortgage, regardless of the total indebtedness or combined loan-to-value ratio, provided the homeowner qualifies for making scheduled payments on all liens.
- Any co-borrower or co-signer being added to the note must be an occupant of the property.
Streamline Refinancing
Reduced amount of documentation and underwriting required.
The basic requirements of a streamline refinance are:
- The mortgage to be refinanced must already be FHA insured.
- The mortgage to be refinanced should be current (not delinquent).
- The refinance is to result in a lowering of the borrower's monthly principal and interest payments.
- No cash may be taken out on mortgages refinanced using the streamline refinance process.
Lenders may offer streamline refinances in several ways. Some lenders offer "no cost" refinances (actually, no out-of-pocket expenses to the borrower) by charging a higher rate of interest on the new loan than if the borrower financed or paid the closing costs in cash. From this premium, the lender pays any closing costs that are incurred on the transaction.
Lenders may offer streamline refinances and include the closing costs into the new mortgage amount. This can only be done if there is sufficient equity in the property, as determined by an appraisal. Streamline refinances can also be done without appraisals, but the new loan amount cannot exceed the original loan amount. Investment properties (properties in which the borrower does not reside in as his or her principal residence) may only be refinanced without an appraisal.
We fund these loans in-house, so that your deals close smoothly, and on time.
No minimum credit score is required. There are no pre-payment penalties. There are no income limits. And mortgage insurance is now tax deductible!
Why Ask For An FHA Loan?
Easier to Qualify - Because FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements so its easier for you to qualify.
Less than Perfect Credit - Even if you have had credit problems, such as bankruptcy, its easier for you to qualify for an FHA loan than a conventional loan.
Low Downpayment - We have a low 3% downpayment, and that money can come from a family member, employer or charitable organization such as Nehemiah. Other loans don't allow this.
Costs Less - Many times, FHA loans have competitive interest rates because the loans are insured by the Federal Government. Always compare an FHA loan with other loan types.
Help You Keep Your Home - The FHA has been around since 1934 and will continue to be here to protect you when the others walk away. Should you encounter hard-times after buying your home, FHA has many options to help keep you in your home and avoid foreclosure.
Nehemiah is a Hud-approved non-profit organization that supplies the down payment assistance for FHA loans.
- Gift funds up to 6% of the final contract sales towards your down payment and/or closing costs
- Gift funds for both first time and repeat homebuyers (Nehemiah charges a nominal processing fee that may be paid by the seller, homebuyer, or lender.)
- Gift funds for both new construction and resale homes
- No repayment of gift money
- No income or asset limits
- No geographical restrictions
The Nehemiah Program® provides down payment assistance to homebuyers. To date, Nehemiah has provided over $800 million in down payment assistance gifts, resulting in $25 billion in real estate transactions and has helped over 200,000 families and individuals achieve their dream of homeownership.
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as well as enforces the nation's fair housing laws.
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