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10721 Jackson Lane, Frisco TX 75035

Phone: (214) 387-0683       Fax: (214) 387-0185       Email Us

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FHA Loan Requirements

 

 

FHA mortgage loans are given to those who meet the FHA loan requirements and who can afford the monthly payments and the cash investment. This is primarily for those who are intend to use the property as the primary residence. The FHA loan limits vary throughout the country. The FHA loan limit can range from $115,200 to even $208,800. The average prices for homes in the area and the conforming loan limits play a role in the FHA loan limits.

The FHA 203(b) loan is the most commonly -availed FHA rehab loan program. This allows low down payment and flexible qualifying guidelines. The 203(k) loan of the FHA program allows a borrower to finance the purchase and rehabilitation of a home through the same mortgage. A portion of the FHA home loan is used to pay off the existing mortgage whereas the remainder is placed in escrow account until the rehabilitation is completed.

Other than the obvious advantage of a lower down payment for an FHA mortgage loan, there are other benefits that can accrue from availing an FHA home loan. There is more flexibility in the underwriting standards for FHA loans. Gift funds can be used for down payment and closing costs. FHA's refinance schemes allow you to lower your payments without incurring additional costs. The FHA ARM offers advantageous features. FHA loan requirements are similar to the interest rates on conventional loans for the same term. The mortgage insurance premiums may vary.

 

 

 

 

 
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OPEN MORTGAGE
10721 Jackson Lane, Frisco TX 75035

PHONE:
214-387-0683 EMAIL: info@brown-lending.com


 

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