- Government Loan
- $498,257 max loan amount
- No minimum scores however credit scores down to 580 have best chance of approval.
- 96.5% financing; down payment of 3.5% can be gifted.
- No income or geographic restrictions
- Very flexible on credit and DTI (Debt to Income) but the recommended max total DTI is 45%
- Credit score, debt ratio and risk have little impact on Rate and None on PMI (Private Mortgage Insurance)
- Seller can pay up to 6% in buyer’s closing costs and pre-paid items.
- New Construction Options
- PMI is based on 55bps (example 100,000 loan would carry $550/year in PMI or 45.83/mo)
- PMI is for the life of the loan.
- Up-Front PMI premium of 1.75% financed into the loan.
- Single or Multi-Family Owner occupied (2-4 units ok). Manufactured Homes allowed Doublewides and Larger.
- Cannot have another home financed through FHA (Federal Housing Administration) (some exceptions)
- Can be combined with CAFA (Capital Area Finance Authority in Louisiana)/LHC (Louisiana Housing Corporation) (SFH) for down payment assistance.
- Renovation financing available utilizing the FHA 203(k) program.
*30-year FHA Fixed-Rate Loan: An interest rate of 3% (4.078% APR) on a $200,000 mortgage, you would make monthly payments of $965.00 Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 97.5%.
