A Federal Housing Authority (FHA) is normally thought of as a First Time Homebuyer loan. This loan is available for anyone who is purchasing a primary residence. It offers some very flexible financing options which is why it is very desirable for those with lower down payments or may have had some credit challenges which includes lacking credit.
SOME OF THE BENEFITS OF A FHA LOAN
- Minimum Down Payment of 3.5%
- Gift funds can be used for down payment and all costs associated with the loan
- 580 Minimum Credit Score (no credit score option available)
- Non-occupant Co-borrowers allowed
- Expanded Debt to Income Ratios
- Base loan amounts as high as $342,700 in Chelan/Douglas Counties
- Up to 6% Seller Contributions towards Closing Costs/Pre-paid Expenses
ITEMS NEEDED TO OBTAIN A FIRM LOAN COMMITMENT
- Social Security Number
- Employment history for the past two years, including address and phone numbers
- W-2’s and or 1099’s for the past two years
- Tax Returns, both personal and business, for the past two years if self-employed
- Current paystubs for the past 30 days
- Current award letters for income derived from pension/retirement/social security etc
- Residence addresses for the past two years, landlord name, address, phone number
- Assets statements for the past two months (all pages of the statements)
- Property information on any other properties owned.
FHA is the best loan for opportunities for down payment assistance. It has some of the shortest waiting periods after major derogatory credit items such as , bankruptcy, foreclosure and short sales.
I will guide you through the many options of this program. During the process I will be available to discuss all aspects so you will have peace of mind knowing you are approved to call your new property HOME.
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We’d love to hear from you! Contact Patrick today and get started buying the home of your dreams.
Address: 11 Spokane St. Suite 100. Wenatchee, WA. 98801