Why are FHA loans

so popular in 2010?

• Borrowers only need 3.5% of the purchase price as their down payment. Family members can gift the funds.

   

• Repairs can be financed into the new loan. This is a great benefit when shopping for REO properties that have been damaged and need some serious TLC.

   

• No Cash Reserves required – i.e., no set number of payments left in the bank after you close your purchase. Other loans may require 2 payments.

   

• Non Occupying Co- Borrowers are allowed to help you qualify.

   

• Streamline Refinances – if your payments have been made on time with FHA we can put you in a lower rate note with little fuss, example: no appraisal needed.

   

• Not limited to moderate income earners.

   

• Sellers can pay up to 6% of the purchase price towards your closing costs. Those costs can include such things as your first year’s homeowner’s insurance, the impounds for your taxes and insurance, the interest due on your new loan through the end of the first month, your loan and title closing costs……. just about everything!

   

• Loan Limits have increased for many counties in Nevada and California. In Reno the limits are now over $400,000.

   

• Financing is available on 1-4 unit properties as long as you will live in one of the units.

   

• Financing is available on Manufactured Homes (with owner occupancy).
• Parents can buy "kiddie condo" property for students to occupy while in college.
• Loan programs include Fixed Rate long term loans or ARM loans with lower rates.
• Lower FICO score requirements than conforming loan products in most cases.
• Alternative credit can be used for those with limited credit histories.