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FHA
- The minimum downpayment with FHA
loans is 3%.
- The purchaser can have the 3% gifted
to them for the downpayment.
- Gift programs are available
through several non-profit organizations.
- With the
3% gift, the purchaser will need Zero Down for the downpayment.
- The
purchaser is also allowed a 3% contribution from the
seller to be used for closing costs, prepaids, taxed,
and insurance.
FHA loans are designed for primary
residences, however you can purchase a single family
home, condo, duplex, triplex, or quad unit (purchaser
would live in the dwelling).
- The purchaser can also
purchase a home needing rehabilitation. The may be limitations
on the mortgage amounts determined by each county.
If you have experienced some derogatory
credit (examples: late pays) you may qualify for
a FHA loan, depending on the derogatories. I would
review the derogatories.
FHA loans are full documentation
loans. I would need a copy of your pay stubs or
a copy of your tax returns if you are self-employed,
a copy of your recent bank statements, and a copy of
your credit report to review your prequalification.
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