Program Search

FHA 203(b) loan - Detail Verified 08/20/10 Last Updated 09/29/2009

Program Overview

FHA 203(b) loan - Detail Verified 08/20/10 Last Updated 09/29/2009 is a standard fixed rate loan for 1-4 family owner occpuied houses with 3.5% down payment. 100% of down payment can come from a relative, non-profit or government agency. Loan limits apply. Check area eligibility. The application fee is $ 0 - 350.

Who is eligible for this program?

Good employment history of 2 years. Some cash reserve. Less cash requirement than conventional loan. Credit explanations - explain late or derogatories, 2 year bankruptcy discharge. No income restrictions. Funds can be used for purchase or refinance. Is this program for first time buyers only? No

Property Eligibility Requirements

Area listed by state, county and metropolitan statistical area. The sales price cannot exceed $Note: Mortgage amount is established per area by State and County. Allowable property types: Single family, 1 to 4 units

Benefit Details

Program allows buyers who might not qualify for a home loan to obtain one because the risk is removed from the lender by the FHA who insures the loan for the lender. Loan limits apply. Benefit: Borrowers with less than perfect credit can purchase or refinance. FHA loans assumable. Mortgage Insurance is required but FHA-MI is lowest in cost vs. Convential MI. Loan Term: 30 years Homebuyer Counseling / Education Required: no Owner Occupancy Required: Yes

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member.