10 Reasons To Love FHA Mortgages

10 Reasons To Love FHA Mortgages

10 Reasons I L-O-V-E FHA Mortgages

 

1.     Service First Mortgage- The Davidson Group will allow down to 600 (as well as no credit scores). Restrictions apply.

 

2.     Maximum Loan Amount in D/FW is $334,650.   This is the base loan amount after the 3.5% but before the UpFront MIP. 

 

3.     Minimum Down Payment is 3.50%.

 

4.     Seller can contribute up to 6% of the Sales Price provided that the buyer has the minimum 3.5% down payment.  

 

5.     Standard ratio guidelines are 31/43 but could go higher with AU (Automation Underwriting) approval.   With strong credit and good reserves, we have seen up to 55% DTI (Debt to Income Ratios) run through AU but it is very important for us to look at this upfront before so that there are no issues.      

 

6.     No Termite Inspection Required and No Non-Allowables required for the seller.

 

7.     It is an assumable loan (important when rates go to 8% and they are at 3.75%).

 

8.     Buyer can have Federal Tax Liens and not have to pay them off!  Restrictions apply.

 

9.     FHA uses the standard Fannie Mae appraisal form.

 

10.  FHA allows Non-Owner Occupy Co-Signers (example would be Dad/Mom co-signing for kids-  it is important to note that all parties on the loan must qualify in credit). Restrictions apply.


The Burtonteam specializes with new home buyers and move up buyers & sellers located in the following areas; Frisco, Plano, Prosper, McKinney, The Colony, Little Elm, Carrollton, Lewisville and surrounding areas. Jerry & Janna Burton puts to use advanced internet marketing for maximum exposure of your home for maximum exposure. For Buyers, we set everyone up to receive new listings once listed that match their search criteria for quick response.  For help with buying or selling a property 972-625-0852.


Jerry and Janna Burton Headshot
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Phone: 214-850-9014
Dated: February 4th 2016
Views: 86
About Jerry and Janna: Jerry and Janna Burton joined William Davis Realty in February, 2009. Both Janna and Jerry hold busi...

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Location & Address

WILLIAM DAVIS REALTY
17732 Preston Road
Dallas, TX
214-935-2209
214-393-4733