Benefits of FHA

  • Credit scores down to 600
  • Mortgage Insurance is same premium regardless of credit score
  • Minimum down payment of 3.5%
  • Can get 100% of a gift for down payment
  • 2 years from bankruptcy discharge
  • 4 years from Foreclosure
  • 3 years from short sale
  • Can have a non-occupying cosigner on a one unit property
  • Can get a seller credit for closing costs up to 6% of purchase price
  • Ratios are higher than on a Conventional loan
  • Condos need to be FHA approved to qualify

FHA Loan Limits

FHA does have loan limits based on counties most counties are the same and listed below.....

County One-Family Two-Family Three-Family Four-Family
Dupage $365,700 $468,150 $565,900 $703,250
Cook $365,700 $468,150 $565,900 $703,250
Lake $365,700 $468,150 $565,900 $703,250
Will $365,700 $468,150 $565,900 $703,250
McHenry $365,700 $468,150 $565,900 $703,250
Kane $365,700 $468,150 $565,900 $703,250

FHA Appraisals

FHA appraisals are more like conventional appraisal than they have ever been with the exception of Lead Base Paint. If a home was built prior to 1978 loose and chipping paint needs to be scrapped and painted.

If there are safety hazards in the home they need to be fixed prior to closing same as conventional. Example would be mold.

Contact Us With Questions

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