FHA Loan Programs
The Federal Housing Administration offers a number of loan programs that are perfect for first time home buyers. You do not have to be a first time home buyer to qualify. The low minimum down payment of 3.5% and Debt to Income levels make FHA loan programs some of the easiest program to qualify for. FHA offers refinances that can lower payments, lower rate, take cash out, make repairs and renovations. Home Purchases from houses in good shape to houses that need a little TLC.
Requirements
FHA loans generally require a lower minimum down payment and lower credit scores than many conventional loans.
CREDIT
* FICO credit score of 580 or higher.
* No mortgage late payments in last 12 months; one in last 30 months. okay
* No bankruptcy in last 2 years.
* No foreclosures in last 4 years.
INCOME
* 2 years of employment history in the same field of work.
* Self Employed allowed.
* Social Security Income allowed.
* Long-term disability income
extending at least 3 years allowed.
* Debt to income ratio under 29/43 (up to 45 or 50 depending on factors)
ASSETS
* Home purchase needs funds to cover the down payment.
* Funds to cover closing costs.
* Funds to cover reserves if required by Underwriter.
* Down payment can be gift gunds.
* Final loan amount needs to be under FHA county loan limit.
PROPERTY
* Property types allowed are single family residences, multi-family, condo, & manufactured homes.
* Only primary residence allowed.
* Property appraisal must meet FHA guidelines.
FHA Guidelines
Read through the following for a complete understanding of the FHA Guidelines.
Minimum $75,000 Loan Amount
Flood Zone ineligible for FHA Financing
203k Rehab – See Broker/Non-QM Guidelines
Purchase
-Primary Occupancy
-580 Credit Score (Per AUS)
-LTV 96.5%
See FHA Limits below for maximum loan amount
Rate/Term Refinance
-Primary Occupancy
-580 Credit Score (Per AUS)
-LTV 97.75%
See FHA Limits below for maximum loan amount
Cash Out Refinance
-Primary Occupancy
-620 Credit Score (Per AUS)-=
-LTV 80%
See FHA Limits below for maximum loan amount
StreamLine Rate/Term
-Primary Occupancy
-580 Credit Score (Per AUS)
-LTV 97.75%
*NO APPRAISAL*
See FHA Limits below for maximum loan amount
Property Types
-SFR
-PUD
-Condo (Must be currently FHA Approved, not expired or pending status)
-2-4 Unit (O/O only)
Manufactured Homes eligible under all Purchase or Refinance above; must meet FHA Guidelines (Engineer Cert/Perm Foundation)
LTV/CLTV
-CLTV can exceed program LTV
-Credit Score < 580 restricted to 90% LTV
AUS Responses
-AUS Approve/Eligible Recommened Minimum 580 Score
-Manual U/W Eligible at 580 Score
Bankruptcy and Foreclosure
-Bankruptcy > 2 years
-Short Sale > 2 years
-Foreclosure > 4 years to be eligible
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FHA Purchase
* FICO score as low as 580
* 3.5% minimum down payment.
* 1.75% Upfront mortgage insurance premium financeable.
* 30YR, 25, 20YR, 15YR, and 10YR Fixed Term.
* ARM options available.
* Renovation purchases available.
* HUD rehab purchases available.
* Debt to income ratio of 43 for FHA (up to 45 or 50 depending on factors).
* Only Primary Residence allowed.
* Seller credit up to 6 % allowed.
FHA Refinace
* FICO score as low as 580.
* 3.5% equity required.
* 1.75% upfront mortgage insurance premium financeable.
* 30YR, 25, 20YR, 15YR, and 10YR Fixed Term.
* ARM options available.
* Streamline refinances available.
* Renovation 203(ks) refinances available.
* Cash out refinances available.
* Debt to income ratio of 43 for FHA (up to 45 or 50 depending on factors)
* Only primary residence allowed.
FHA Low-Cost Area Loan Limits
The FHA national low-cost area mortgage limits, which are set at 65% of the national conforming limit of $548,250 for a one-unit Property, are, by property unit number, as follows:
• One-unit: $356,362
• Two-unit: $456,275
• Three-unit: $551,500
• Four-unit: $685,400
FHA High-Cost Area Loan Limits
The FHA national high-cost area mortgage limits, which are set at 150% of the national conforming limit of $548,250 for a one-unit Property, are, by property unit number, as follows:
• One-unit: $822,375
• Two-unit: $1,053,000
• Three-unit: $1,272,750
• Four-unit: $1,581,750
FHA Income Limits
FHA does not have a limit on how much you can earn each year.
ReNew is dedicated to offering multiple different loan programs to meet our clients’ specific needs. Whether you are a first time home owner or you’re looking at buying another rental property, ReNew offers a variety of options to ensure our clients are getting the best service possible.
GET PRICINGConventional Loans
Conventional loans are good for everyone from first time home owners to real estate investors looking at rental properties.
SELECTFHA Loans
FHA loans generally require a lower minimum down payment and lower credit scores than many conventional loans.
SELECTUSDA Loans
USDA loans don’t require a down payment and are a good option for homes in qualified rural areas.
SELECTVA Loans
VA loans don’t require a down payment and are a great option for military veterans, active duty, & all qualified servicemembers.
SELECTLoan Calculators
Conventional Loan Calculator
Use this calculator to estimate your monthly home loan payments if you use a fixed-rate conventional mortgage.
Home Purchase Calculator
Use this calculator to estimate your monthly payment, including principal, interest, taxes, insurance and PMI.
Refinance Calculator
Use this calculator to estimate how much you can save by refinancing your loan to a lower rate or shorter term.
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I am happy to say that working with Renew Lending was an awesome experience in buying our new home. The process went smooth and answered all of our questions buying a house is difficult enough but working with the team at Renew Lending just made it so much easier. Thank you again Eduardo and team at Renew Lending! Thumbs up !!!
Maria Sanchez
Renew Lending and team were amazing. They were able to rush through the whole process in record time. Doing everything online made the experience really easy. It’s a very streamlined system. Much better than working with a bank which priorities might be elsewhere. Renew Lending is specialized so it makes the process really easy. All automated, upload materials on the system and get a very personalized experience. I totally recommend Renew Lending and will keep using them for future purchases and refinances.
Joe Neuah
Renew Lending is undoubtedly the most professional and efficient lender I’ve ever worked with. They see bumps on the road long before you get there, and is able to handle anything that arises with professionalism and tact. My clients and I appreciate their hard work and dedication. Their attention to detail is superb. Loans can be quite daunting and scary but with Renew on our side, every deal is a great success! Thank you Renew for always treating my clients and I as if we are the only client you have. You’re the best!
