FHA Loans

INTERESTING INFORMATION FOR YOUR CONSIDERATION

FHA is still a great option for many buyers working with small down payments, and/or challenged credit. Remember, unlike conventional loans – the rate is NOT tied to the buyer's FICO score. If you qualify, you get the low rate! Also, unlike conventional loans today, there is NO minimum credit score – credit just needs to be acceptable and even where buyers have no traditional credit other forms of credit like rent, car insurance, or cell phone bills maybe acceptable!

The maximum loan amount is $290,685 + mi premium for 1 unit, owner occupied properties

·                                 As little as: 2.25% down

·                                 All can be gifted

·                                 Low mi insurance

·                                 Up to: 6% seller assist ok

·                                 NO nasty repair issues like old vc sheet

·                                 Can close in as little as 7-10 days with cooperative buyers and good documentation

·                                 63 day locks

·                                 All in house processing, underwriting and closing

·                                 For those who do not qualify based on their “own” income – a non occupied co-signer –            

·                                 no added cost  or rate – may work!

·                                 Is this something like you were looking for?

 Steve Johnston

 Mortgage Consultant

GMAC Mortgage 

Stephen.Johnston@gmacm.com

Phone: (215) 682-4516

Fax:  866-269-0299

http://www.gmacm.net/Stephen_Johnston

 Iam never too busy for any of your referrals. If you know of anyone interested in financing a new home, refinancing an existing home or may be in need of a Home Equity Loan, I would be happy to help them!