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below for our featured loan programs.
0% Down, No MI.
Offered in eligible areas.
Each program is a 30-year fixed rate mortgage.
0% Down, No MI
Standard closing time for each program is 4-6 weeks.
We Are Lenders, Not Brokers
With In-House Underwriting.
Official "HUD" Approved Lender
The FHA Loan Program is a 30-year fixed rate mortgage with a 3.5% down payment requirement requiring a minimum credit score of 620.
What this means to you as the home buyer is:
The FHA Loan Program requires 3.5% down - Minimum down payment required is 3.5% of Sale Price
1) Any Earnest Money that you are required
to give to your realtor at the time of an accepted purchase contract will
count towards your down payment.
2) Appraisal Fee (Fixed fee of $500.00)
collected at the time of your application will also count towards your
If, for example, you are purchasing a $100,000 house, your minimum down
payment required would be $3,500.00. If your seller/realtor
required you to put down $500.00 in earnest money on top of the $500.00
for your appraisal, your down payment would be lowered to $2,500.00.
MI/MIP - Mortgage Insurance
MI stands for Mortgage Insurance. MIP stands
for Mortgage Insurance Premium. This is an insurance policy that
is required by the government for any loan program that has a down payment
of less than 20% of the sale price. Because the down payment requirement
on the FHA 30-year fixed rate mortgage is only 3.5%, there is a Mortgage insurance requirement.
The up front Mortgage Insurance Premium is financed into your loan with
no cash requirement from you, the home buyer. The Mortgage Insurance
Permium is included in your monthly payment for the life of the loan.
620 Minimum Credit Score - While Department of Housing and Urban Developement
does not have a minimum credit score requirement for FHA Loans, all Investors currently have a 620 minimum credit score requirement.
If you have any additional questions,
don't hesitate to call us at: 330-337-3260
Toll Free at: 866-920-9305
Fax us at: (330) 337-3266