FHA offers .
FHA home loans are available for individuals with a 580 or higher credit score. With a 3.5% minimum down payment, it makes this loan more accessible than other mortgages.
An FHA loan is a mortgage that is insured by the Federal Housing Administration (FHA). They usually come with a lower down payment requirement and more lenient credit restrictions. In fact, the down payment on an FHA loan can be as little as 3.5% of the purchase price of the home, and they can be taken out on properties with up to four units, allowing qualified buyers to not only own their own home, but to potentially have rental income as well. Conventional mortgages have more stringent credit requirements, and the down payment is usually higher than an FHA loan.
FHA Programs with no credit Scores – Insured by the Government
Loan Parameters
- Minimum of 3.5% down payment
- Primary Residence only
- Terms; 30, 20, 25, 15 and 10 year loans
- Loan amounts can go up to $420,680.00 for single family residence
- Minimum credit scores 580 (500-580 with 10% down payment)
- Citizen, Permanent Resident or Work Visas are allowed.
- Full documentation using tax returns and w2’s or 1099’s
- Escrows are required, taxes and insurance must be included in the monthly payment
- 100% Gift Funds for a relative are allowed
- Home must be livable
- Recently renovated home will have some limitations (called Flipping guidelines), new construction or older home are allowed. Single family residence and town home as well.
- Condominiums must be FHA approved
- Co-Signers are allowed
Types of Income Documents Allowed:
- Full documentation using tax returns
- W2s – 2 years
- Paystubs if applicable – 1month
- Bank Statements – 2 months
- Employment Work Visas such as TPS and DACA are allowed
Bryan E.
Came to the Contrasto team to prequalify for a new house loan. We had worked with Contrasto when getting our current home.They took time to explain what we needed, ad were very helpful in suggesting where we could get additional help. They are great partners. The Contrasto team was very professional, courteous and provided excellent service to me when I was buying a new home.
Santiago T.
“My wife and I have used Patti's services on two different occasions when we purchased homes. She always provided excellent service, is very knowledgeable, very professional, and very friendly. We highly recommend her.”
Heltor H.
"Outstanding service!!! Patti and Team are amazing!! They will work hard to get you the best possible deal and ensure the entire process is completed in a timely manner. All the while explaining you the entire loan cycle step-by-step, so you never feel out of place. If you have any doubts about whom you should be working with, contact Patti and Team. You won't regret it!!"