FHA MORTGAGE LOANS
DID YOU KNOW? Since 2016, Global Home Finance Inc. has had the right to provide a no closing cost program under the special Customer Closing Costs Subsidy Program
At the end of 2016 Global Home Finance Inc. secured the rights to provide a special no closing costs program via one of our wholesale lending relationships. Global Home Finance Inc. has been given a special Customer Closing Costs Subsidy Program (CCCSP) which we have been authorized to provide our customers on a wholesale basis. The program set aside funds of 100 million to be used to pay Texas mortgage applicants closing costs. When the $100 million in funds is depleted the program will automatically terminate. This is only for U.S. government funded loans for Global Home Finance Inc. customers. We are allowed for a limited time to provide our customers with no closing cost loans under the FHA, VA, and USDA lending programs. Act Now!
How FHA Mortgages Work
The FHA does not make mortgage loans or guarantee mortgage loans. It insures mortgage loans. The mortgage insurance removes or minimizes the risk of default that mortgage lenders face when buyers put down less than 20 percent. FHA Approved Lenders Originate the mortgage loan and make sure it is insured by the FHA. The best part about working with Global Home Finance on the purchase of your new home with an FHA mortgage is that we pay your closing costs.
All you have to do is come up with your 3.5% down payment, maybe a little bit of the taxes and insurance on the new house (3 months), the appraisal about $500 and inspection fees (to make sure the house is in good shape before you buy it), and we handle the rest.
Blemished Credit History
If your credit is less than perfect, FHA still allows 3.5% down payment all the way down to a 580. If you have at least a 560 you can do just 10% down and we can help.
Bankruptcy: You can obtain an FHA loan after a Chapter 7 Bankruptcy two years from the date of your bankruptcy discharge as long as you’ve maintained good credit since your debts were discharged.
You can do an FHA refinance loan while in Chapter 13 Bankruptcy provided you have been in the Bankruptcy for at least one year and all of the payments have been made on time. You must also have the courts approval under a Chapter 13 Bankruptcy to refinance to an FHA mortgage loan while in bankruptcy.
Foreclosure: If you keep your credit in excellent shape since a foreclosure, an FHA mortgage loan will be available to you three years from the final date of your foreclosure.
Credit scores can be lower than those for a conventional mortgage.
Note: FHA Mortgage Loans technically has no minimum credit score although most lenders want 10% down below a 580.
Competitive Rates & Terms
Even if you have less than perfect credit you still get an A-paper like interest rate.
The adjustments to the interest rate for an FHA mortgage loan are much lower than a conventional mortgage for lower credit scores.
Mortgage insurance is funded into the loan, meaning the premium is added to the loan balance instead of being paid out-of-pocket. In addition, a small portion for the mortgage insurance premium is added to the monthly payment, but many times is far less than private mortgage insurance premiums. The FHA’s annual mortgage insurance rate currently stands at ..85% of your mortgage when you are putting less than 5% down on a 30 year. It is only .80% if you are putting at least 5% down. 15 year loans are even better with .70% a year for mortgage insurance on loan to values over 90% and only .45% for a 15 year mortgage under a 90% loan to value!
Borrowers can refinance 97.75% of the appraised value of the home or 96.5% of the purchase price. Then put down just 3.5 percent of the purchase price of the home. Gifts from a family member, or a grant can reduce the down payment to zero!
The maximum debt ratios are higher than the debt-ratio limits imposed for most conventional mortgages. We have access to lending sources that will allow as high as a 57% back end debt ratio.
FHA mortgages are available to all U.S. Citizens but are used most often by first-time home buyers and low to moderate income buyers. However, there are no income limit qualifications.
Call Global Home Finance Inc. now and learn how we can make a difference for you and your family today at 866-923-3222.
