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Today’s
       FHA Loan
This is Not Your Father’s FHA!
FHA Lending is Exploding

• Now represents >30% of loans
  being written
• Geared for:
  –   First time buyers
  –   Borrowers with little to no money
  –   Buyers with less than perfect credit
  –   Non-occupant co-borrowers
Hot Features of FHA
•    3.500% down payment**
•    6% seller concessions
•    All funds can be gifted
•    No reserve requirements
•    No income limits
•    Very competitive interest rates
    ** as of the date of publishing, May 16, 2011, the
    interest rate and APR available for this loan are 4.5%
    (5.317% APR). Interest rates can change on a daily
    basis and are affected by numerous factors. Please
    call your lender for a specific quote
FHA Highlights
• Limited to owner-occupied
  property
• Available for 1-4 unit properties
• High LTV available for OO 4 unit
• Flexible down payment sources
  allowed
FHA Highlights (cont.)
• Manual underwriting
  common/allowed
• Good documentation is the key
• Borrowers in active Ch. 13 can
  buy
• 2yrs from Chapter 7 BK
• 3yrs from short sale, Deed in
  Lieu or foreclosure
FHA Overview
• Borrower must have 3.500% down
  payment**
• Pre-paids do NOT count toward
  3.500%
• Seller can pay up to 6% in cc/pp

 ** as of the date of publishing, May 16, 2011, the
 interest rate and APR available for this loan are 4.5%
 (5.317% APR). Interest rates can change on a daily
 basis and are affected by numerous factors. Please
 call your lender for a specific quote
FHA Overview (cont.)
• 1-4 unit purchases allowed
• LTVs as high as 96.5%**
• 2-4 unit properties must be self
  sufficient
• Gifts and grants are allowed toward
  down payment
 ** as of the date of publishing, May 16, 2011, the
 interest rate and APR available for this loan are 4.5%
 (5.317% APR). Interest rates can change on a daily
 basis and are affected by numerous factors. Please
 call your lender for a specific quote
FHA Credit

• Some lenders impose their own min.
  FICO
• Last 12 months should show no late
  pmts.
• Judgments typically must be paid
• Collections not required to be paid
• Any account showing “disputed” on
  credit report must be resolved
FHA Property
• Safety – Is the property safe?
• Sound – Is the property sound?
• Secure – Does the value support the
  loan?
• The days of the VC sheet are gone!
• FHA appraisals resemble conventional
• Roofs and lead-based paint still an
  issue
• Manufactured homes that have been
  moved are not eligible
Property Flippers Beware!

• Current owner must be on title 90 days
• PA for the sale cannot be dated before
  day 91
• Some lenders may require 2
  appraisals
• Title can not have transferred in last
  90 days:
   Exception 1- Bank foreclosures or non-profit sellers.
   Exception 2- Private investors who improve the properties
                (Significant additional restrictions apply)
FHA Loan Limits
• Limits vary by county
• Twin City Metro county limit is:
  $365,000
• Loan limit is before UFMIP is included
• Higher loan limits for 2-4 unit
  properties
Benefits to Using FHA

• Increases number of potential buyers
• Increases traffic
• Usually maintains sale/list price
• Reduces time of home on market
• Reduced cash requirement from buyer
• One of few remaining ways to achieve
  $0 out-of-pocket expense to buyers
• Competitive interest rates
• No pre-payment penalty
FHA Lending is Affordable

Experience Matters!

Peter Boyle
612.701.6816
20 Yrs Mortgage Experience
www.PeterBoyleHomeLoans.com
pboyle@summit-mortgage.com
NMLS# 218261


Summit Mortgage Corporation

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FHA Mortgage Home Loan Benefits!

  • 1. Today’s FHA Loan This is Not Your Father’s FHA!
  • 2. FHA Lending is Exploding • Now represents >30% of loans being written • Geared for: – First time buyers – Borrowers with little to no money – Buyers with less than perfect credit – Non-occupant co-borrowers
  • 3. Hot Features of FHA • 3.500% down payment** • 6% seller concessions • All funds can be gifted • No reserve requirements • No income limits • Very competitive interest rates ** as of the date of publishing, May 16, 2011, the interest rate and APR available for this loan are 4.5% (5.317% APR). Interest rates can change on a daily basis and are affected by numerous factors. Please call your lender for a specific quote
  • 4. FHA Highlights • Limited to owner-occupied property • Available for 1-4 unit properties • High LTV available for OO 4 unit • Flexible down payment sources allowed
  • 5. FHA Highlights (cont.) • Manual underwriting common/allowed • Good documentation is the key • Borrowers in active Ch. 13 can buy • 2yrs from Chapter 7 BK • 3yrs from short sale, Deed in Lieu or foreclosure
  • 6. FHA Overview • Borrower must have 3.500% down payment** • Pre-paids do NOT count toward 3.500% • Seller can pay up to 6% in cc/pp ** as of the date of publishing, May 16, 2011, the interest rate and APR available for this loan are 4.5% (5.317% APR). Interest rates can change on a daily basis and are affected by numerous factors. Please call your lender for a specific quote
  • 7. FHA Overview (cont.) • 1-4 unit purchases allowed • LTVs as high as 96.5%** • 2-4 unit properties must be self sufficient • Gifts and grants are allowed toward down payment ** as of the date of publishing, May 16, 2011, the interest rate and APR available for this loan are 4.5% (5.317% APR). Interest rates can change on a daily basis and are affected by numerous factors. Please call your lender for a specific quote
  • 8. FHA Credit • Some lenders impose their own min. FICO • Last 12 months should show no late pmts. • Judgments typically must be paid • Collections not required to be paid • Any account showing “disputed” on credit report must be resolved
  • 9. FHA Property • Safety – Is the property safe? • Sound – Is the property sound? • Secure – Does the value support the loan? • The days of the VC sheet are gone! • FHA appraisals resemble conventional • Roofs and lead-based paint still an issue • Manufactured homes that have been moved are not eligible
  • 10. Property Flippers Beware! • Current owner must be on title 90 days • PA for the sale cannot be dated before day 91 • Some lenders may require 2 appraisals • Title can not have transferred in last 90 days: Exception 1- Bank foreclosures or non-profit sellers. Exception 2- Private investors who improve the properties (Significant additional restrictions apply)
  • 11. FHA Loan Limits • Limits vary by county • Twin City Metro county limit is: $365,000 • Loan limit is before UFMIP is included • Higher loan limits for 2-4 unit properties
  • 12. Benefits to Using FHA • Increases number of potential buyers • Increases traffic • Usually maintains sale/list price • Reduces time of home on market • Reduced cash requirement from buyer • One of few remaining ways to achieve $0 out-of-pocket expense to buyers • Competitive interest rates • No pre-payment penalty
  • 13. FHA Lending is Affordable Experience Matters! Peter Boyle 612.701.6816 20 Yrs Mortgage Experience www.PeterBoyleHomeLoans.com pboyle@summit-mortgage.com NMLS# 218261 Summit Mortgage Corporation