FHA Loans

 
Advantages of FHA for Purchases
·         With the current loan limits in King, Snohomish, and Pierce County you can purchase a home up to $691,000 with only 3.5% down payment.
·         Seller can contribute up to 6% towards buyers closing costs and prepaid items
·         All down payment and closing costs can be gifted from a family member
·         FHA allows a relative to cosign
Advantages of FHA for Refinances
·         FHA Streamline refinances. This is Special Refinance Program for those that currently have an FHA loan with lower closing cost and no appraisal required
·         Only requires 3.5% equity
·         You can pay off a 2nd mortgage used to purchase the property up to 96.5% of your homes appraised value
·         You can take cash out to 85% of your home’s value
General FHA Advantages
·         More Flexible guidelines on Credit score and history.
·         FHA loans are assumable so when you decide to sell your home if market rates are higher this can be an excellent selling feature of your home.
·         FHA has excellent 5 Year Arm Program
 
*Underwriting guidelines subject to change daily, credit qualification, and conditions.