FHA 100% Financing - Owner occupied - 1 unit - 50 states

[Upen Patel]

Buyers - You no longer need to put off your decision to own your house, just because you have not been able to put together the needed down payment.

Realtors - Help your clients achieve the dream of home ownership and grow your business in the process.

• 1st loan - FHA - 96.5%
• 2nd loan - 3.5% - Loan paid back over 10 yr @ 8%
• Min FICO 640
• Owner occupied 1-unit purchase
• No First Time Home buyer restriction
• Loan limit - Conforming FHA loan for your area (NO FHA High Balance)
• Income limit – Household income < 115% AMI
  • https://www.huduser.gov/portal/datasets/il/il2017/select_Geography.odn
  • Income for everyone in the house older than 18 is included (even if they are not a borrower)

• Loan min $100,000
• Max DTI - 55%
• No homeowner education requirement
• One time admin fee of $399 paid at closing

Here is a scenario (as of 3/24/2018)

• FICO - 680
• Purchase price - $200,000
• 1st loan = $193,000 (FHA - 30 yr fixed @ 4.75% + 1.3 pts) = $1,163.50/month (includes MI)
• 2nd loan = $7,000 (10 yr @ 8%) = $84.93/month
• Above doesn't include taxes, insurance and HOA.

This is the right solution for someone who has decent credit, makes good money, but has not been able to save the money needed for the down payment.

What are you waiting for? Contact me today.

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Upen Patel

Vice President, The Federal Savings Bank

web: www.thefederalsavingsbank.com/upenpatel

cell: (571) 331-5161

email: [email protected]

Federal NMLS# 1374243

app: https://www.thefederalsavingsbank.com/en/mortgage-application/start?b_id=upatel&bp=1

[Upen Patel]

Hi! @Jeff Kehl I appreciate your comments and do see your view point.

How is offering this loan option any different then buyers/investors looking to buy with no money out off pockets? BP is full of folks looking for that.

Any many investors start out with buying their 1st property as owner occupy. So this loan would give them the option to do so with min money out of pocket.

As with any investment, each individual and transaction is unique. And each individual needs to make their own decision on if a certain loan option works for them or not.