An FHA loan can be a good choice for a buyer short on cash for down payment. Guidelines allow for up to 97% financing on loan amounts in the Greater Milwaukee area of $315,000.
The 3% can be gift or grant funds. Higher loan amounts are available for 2-4 unit owner occupied properties. FHA approval guidelines can be more lenient than standard underwriting. FHA is not a credit score based program. If you can show increasing income, job stability and some satisfactory trade lines, even if they don't report on the credit bureau you may qualify. FHA loans can be used for a refinance as well as a purchase. They are a great solution to get out of an ARM loan. Call me to apply today. 414-416-9194
1 comment:
FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties.
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