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Federal Housing Administration (FHA) home loans

Advantages of FHA loans:

  • Up to 96.5 percent financing on some loans; 100 percent of a down payment can come in the form of a gift from a family member or employer
  • Seller can contribute up to 6 percent of a sales price to help with closing costs and prepaid items for a homebuyer
  • May be a viable option for borrowers with limited equity or money available for a down payment
  • Option to choose a fixed-rate or an adjustable-rate mortgage (ARM) that adjusts annually after 5 or 7 years and offers protection from large interest rate increases at any one time
  • 203k renovation rehab construction programs. Purchase or Refinance a home in need of repair or renovation.

What you’ll need to consider:

  • You can finance your mortgage insurance
  • Typically you will pay mortgage insurance for the entire term of the loan.
  • FHA home loans have a $765,600 maximum loan amount (in designated areas)
  • The interest rate on Adjustable Rate Mortgages (ARMs) may increase after the initial fixed-rate period.

 

Gabriela Roman

Garbiela Roman

Business Development Officer
CRA Loan Originator

773-423-2350
NMLS#799298
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