An FHA loan is a safe, flexible mortgage insured by the Federal Housing Administration (FHA), a government agency within the U.S. Department of Housing and Urban Development. It features attractive interest rates and flexible qualification requirements. FHA mortgages are available in Fixed Rate and Adjustable Rate versions.

Minimum credit requirements for FHA loans vary depending on the needs of the borrower. To get a mortgage with a down payment as low as 3.5 percent, the borrower needs a credit score of 580 or higher. Borrowers with credit scores between 579 and 560 must make down payments of at least 10 percent.

FHA Mortgages allow home sellers, builders and lenders to pay some of the borrower’s closing costs, such as an appraisal, credit report or title expenses.

Safe, secure mortgage option with low down payment and no reserves.FHA Mortgage

Features & Benefits

• Minimal down payment and closing costs
• 100% Financing options available
• Gift for downpayment and closing costs allowed
• Seller can credit up to 6% of sales price towards buyers costs
• No reserves required for 1 or 2 unit properties unless borrower has insufficient traditional credit
• FHA regulated closing costs

Easier Credit Qualifying Guidelines

• Minimum 560 FICO score requirements
• 55% maximum debt to income (DTI)
• No Bankruptcy within two years of proposed home purchase
• No Foreclosure within three years of proposed home purchase

Easier Debt Ratio & Job Requirement Guidelines

• Higher Debt Ratio’s than other home loan programs (up to 55%)
• Less than two years on the job is allowed
• Self-Employed individuals accepted

Programs available to qualified borrowers only. Some Restrictions may apply. Programs subject to change without notice. Contact eLucid for more information.

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