FHA Loans

FHA Loans are ideal for those with less-than-optimal credit, little-to-no formal credit history, or limited cash for a down payment. Low credit scores may not prevent you from qualifying; however, higher scores could net you lower interest rates. Fixed-rate periods range from 10 to 30 years. New purchase mortgages allow for 96.5% maximum loan-to-value plus the amount of the financed mortgage insurance premium.

Lending Criteria Description
Purpose:
  • Purchase and Refinance
Property Type:
  • Single Family Residence (1-4)
  • Condominium
  • Townhomes
  • Manufactured Homes
Max Loan-to-Value:
  • Purchase:  96.5% LTV
Minimum Credit Score
  • 580
Prepayment Penalty
  • None
Maximum Debt-to-Income (DTI)
  • 43% – 50% (per AUS)
Borrower Types:
  • Permanent Resident Aliens
  • Non-Permanent Resident Aliens
Recourse:
  • Yes
Broker Fee:
  • None
Loan Programs:
  • Standard
  • Streamline
Terms:
  • 15 & 30-Years Fixed
  • 3 & 5-Years ARM’s
Loan Amounts:
  • $271,050 – $625,500
Closing Timeframes:
  • 45 days
Amortization:
  • 15 & 30-years
Collateral:
  • 1st Trust Deeds
Other Costs:
  • All 3rd Party Fees
Real Estate Tax & Insurance Escrows
  • Required
This information is NOT a loan approval or commitment to lend. The actual loan amount, interest rate, fees, costs and monthly payment on your specific loan transaction can vary and will depend on your choice of loan product and your unique credit profile. Loans (in CA) will be made pursuant to BRE License #02001852 & NMLS License #1463667. Loan Brook, Inc. is an equal housing lender.