FHA Loan Requirements 2017

FHA loan requirements 2017

FHA loan requirements 2017

There are no documentation or letter of explanation requirements for loans with collection accounts or judgments run through Fannie Mae that receive an Approve/Eligible despite the presence of collection accounts or judgments.

FHA does not require collection accounts to be paid off as a condition of mortgage approval
FHA requires judgments to be paid off before the mortgage loan is eligible for closing

Borrowers with a prior bankruptcy, foreclosure, deed-in-lieu, or short sale may be eligible for an FHA insured loan if the bankruptcy, foreclosure, deed-in-lieu, short sale was the result of a documented extenuating circumstance.

FHA increased the annual MIP requirements.

revision to the period for assessing the annual MIP
removal of the exemption from the annual MIP for loans with terms of 15 years or less and LTVs of less than or equal to 78 percent at origination
increase in the annual MIP for mortgages with terms less than or equal to 15 years and LTV ratios less than or equal to 78 percent at origination
rescinds the automatic cancellation of the annual MIP collection

FHA loan requirements 2017

For any mortgage with an loan-to-value greater than 90% FHA will assess the annual mortgage insurance premium until the end of the mortgage (life-of-the-loan).

For all mortgages with less than or equal to 90% loan-to-value the annual mortgage insurance premium will be assessed for the first 11 years of the mortgage term.

Closing cost

FHA allows the seller to pay up to 6% of your closing cost.

If you are buying a $100,000.00 house FHA allows the seller to pay up to $6,000.00 for your closing cost. It must be in writing in the sales contract, "Seller will pay up to 6% of buyer's closing cost."

If you do not write it into the sales contract then you will be paying the closing cost. In the state of Florida closing cost for a $100,000.00 house average around $4,300.00 depending on taxes, insurance and who's paying the transfer tax and owner's title insurance.

By allowing the seller to pay for your closing cost you will decrease the amount of money required to buy a home. Buying a $100,000.00 property requires $3,500.00 down payment and if the seller pays up to $6,000.00 for your closing cost you will only need around $4,000.00 to buy a $100,000.00 in Florida.

Are you short funds to close? The FHA no closing cost loan allows all of your closing cost to be rolled into your loan including your appraisal fee, hazard insurance premium and even your escrow account.

Are you a first time home buyer? Do you need to get pre-approved for a first time home buyer program in Florida? Apply now!

Apply now!