FHA Loan Program

About FHA Loans

FHA loans are a popular type of loan that is insured by the United States’ Federal Housing Administration, or FHA. These loans are common because they are typically easier to qualify for with less-than-perfect credit and require only a 3.5% down payment.

An FHA Loan is a government backed mortgage insured by the Federal Housing Administration. It’s a popular choice for first time home buyers, and features attractive interest rates and less stringent qualification requirements. It can be particularly helpful for borrowers who are struggling to save for a down payment or have less than perfect credit.

FHA Loan Features

  • 3.5% Minimum down payment
  • FICO requirements:
    • 620 – Approved AUS Findings
    • 619-580 – Considered with compensating factors
    • 620 – Manual UW (considered with compensating factors)
  • PMI required on all loans over 80% LTV

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  • Minimum of two investors required for all loans. When only two investors are available the pricing for each investor must be within 50 bps of each other. For example, one cannot be priced at 100 and the other at 98.25 if those are the only two available investors.
  • Minimum Property rating of C4 or better. Properties rated as a C5 are not acceptable.
  • Loans with LTV’s greater than 80% require escrows unless not applicable by state law
  • Paying off loans in Chapter 13 NOT ALLOWED  Extenuating circumstances not allowed/considered
  • POAs not allowed on cash out refis
  • Single-Wide manufactured homes not allowed
  • Manufactured homes in flood zone not allowed
  • Transcripts:
    •  Conventional:
      • 1040s: Required when using any income specifically on 1040 (self-employed, cap gains, rental, etc).
      • W-2 transcripts required unless income validated through Work # WVOE
    • Government:
      • Required on all government loans
  • Use of WVOE in lieu of pay stub only allowed if income is validated through W-2s or transcripts (some sort of validation of income apart from WVOE is required)
  • Maximum loans made to one borrower the lesser of 6 loans or $2,000,000 in total exposure
    • If buying multiple investment properties borrower must demonstrate a history of managing rental properties
  • Maximum acreage of 50 acres
  • Non-Owner loans (second homes or investment properties) where borrower does not own primary residence are not allowed

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