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Selling Homes in the East Bay Elisa Uribe 510-485-7272 Opening the Door to Opportunity
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Elisa Uribe

buyers who

Do you want to buy a house? Have you been shying away from FHA finanicing?

FHA Program Highlights

·       Lower down payment (currently 3.5% as of 1/9/2009)

·       Down payment can be all gift from eligible source

·       Seller may pay all closing costs up to 6% of the sales price

·       Cash reserves not required for single family home purchase

·       Higher and flexible qualifying ratios

·       More leniency on derogatory credit than a conventional loan (minimum score is 580)

·       Lower cost than a conforming loan if credit is less than perfect

·       Monthly mortgage insurance cost is less than a conventional loan

·       Blended ratios with a non- occupant co-borrower

·       Up front Mortgage Insurance Premium can be financed or paid for by a seller credit (within the 6% limit).

·       FHA loans are assumable

·       No prepayment penalties

·       No termite required if not called for in the contract and property is over 1 year old

·       Loan amount for single family residence up to $625,500.00!

 There are many mortgage brokers out there who are approved to offer FHA financing. If you would like me to refer you to one, just let me know by sending me an email to elisa@rockridgedigs.com.

 Maybe it's time you start opening the doors of opportunity and get your team in place so when you are ready to buy, you have professionals helping you navigate through the process.

Published Friday, January 09, 2009 12:53 PM by Elisa Uribe

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