5 FHA Secrets You Should Know!

1. When using a non-occupant co-borrower, such as parents, the occupant borrower is not required to have any income or assets of his/her own.
2. 2- to 4-unit owner-occupied properties are eligible for 96.5% financing at the same interest rate as 1-unit homes
3. Mom and Dad can lend, not gift, some or all of the money for closing, and put a second lien against the home that exceeds 100% Loan to Value (LTV = Loan Amount / Home’s Value) Note: The $7,500 First Time Homebuyer Tax Credit can be used to pay Mom and Dad back!
4. 15 year loans at 90% LTV have ZERO monthly mortgage insurance requirements
5. FHA has NO declining market policy reductions in LTV.

Your FHA Interest Rate should be really close to 5%, if it is not click here for up to date mortgage information