FHA Loan Programs (Purchase or Refinance)

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The requirements and underwriting guidelines change frequently and the following is a general discription of the HUD's FHA loan programs. Contact me for the lastest guidelines and information.  Also, follow the link --FHA Insured Mortgages to review the information on HUDs site.  

After reviewing HUD's site or Call me to discuss any questions. (586-612-5001)

FHA Loan Program Highlights:
  • Minimum Down Payment: 3.50% 
  • Up Front MI of: 1.5%, added to Loan 
  • Monthly MI of: .5%. Conventional Mortgage Insurance is much higher.
  • Maximum Seller Concession: 6%
  • No minimum FICO requirements but most investors are holding to their own established minimums
  • Declining market is not observed by FHA
  • Roof & Pest inspections not mandatory unless noted by appraiser or called for in contract
  • No Income Limits
  • Must be owner occupied
  • No requirement for reserves
  • Borrower can now pay previously non-allowable fees “processing, doc prep, underwriting, lender fees” *Except Tax Service fee
  • Non-traditional credit “telephone, PG&E, etc” allowed if there is no FICO available. Rate and fees are negatively impacted.
  • Non-Occupying co-borrower allowed
  • Can utilize other state, county and city programs, 203k Streamline, Energy Efficient Mortgage
  • FHA requires 90 days from date of trustee sale before purchase contract can be written unless REO is a federally chartered bank
  • FHA Loans maybe Assumable

Interesting Links

School District Rating Site

Michigan Real Property Tax Site

First Time Home Buyer Tax Credit

Michigan Association of Realtors (MAR)

100 Questions and Answers from HUD

Michigan Mortgage Lenders Association

Home Tips


Confidence!

Whether you are looking to buy, refinance or receive equity from you home, my team has the perfect mortgage loan for any stage of your life. We are mortgage experts and work to understand your unique financial goals and help you make an informed decision about choosing a mortgage that fits your lifestyle. My mission is to carefully guide you through the entire mortgage loan process,  so that you feel confident as you make choices about the many options available for your financing strategy.

Ask Rocky for a Free Quote...

Raquel “Rocky” Moore
NMLS Mortgage License #138789
email: Raquel

Mortgage 1 Inc.
45816 Schoenherr Road
Shelby Township, MI 48315
Phone 586.612.5001
Fax 586.677.3898

The Market

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Michigan Mortgage Lenders Association
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At Mortgage 1 Inc., my focus is on getting you the right loan and the right terms to fit your situation. A mortgage is a big commitment and you need an experienced professional guiding you through the process, answering your questions so that you’ll know with confidence that you made the right choice. Call Me, I will Listen...586-612-5001.