FHA
What is the minimum down payment with FHA
3.5% down
Who are Fannie Mae and Freddie Mac?
Fannie Mae and Freddie Mac are federally backed home mortgage companies created by the United States Congress. They buy and guarantee mortgages issued through lenders in the secondary mortgage market.
Yes....no money is required for down payment
Is USDA 100% financing?
yes...no down payment is required
Does FHA have a renovation program?
What does FHA stand for?
Federal Housing Administration
Neither institution originates or services its own mortgages. Instead, they buy and guarantee mortgages issued through lenders in the secondary mortgage market.
Do VA loans have a mortgage insurance?
No...there's no mortgage insurance with VA loans
USDA loans can be used in all towns in CT??
What is the required down payment for a FHA 203k?
Just like a standard FHA program....it is 3.5% down
Is FHA only for 1st time buyers?
No. It can be used by a 1st time buyer. But a 2nd time buyer can use an FHA loan as long as they sell their current FHA home.
What is the minimum down payment required for a conventional buyer?
3% down (as long buyer meets certain requirements)
I currently have a VA loan now....can I refinance this?
If beneficial, VA offers a program called IRRRL (Interest Rate Reduction Refinance Loan). There's no paying off debt or getting cash out with this program.
Can I pay my taxes and insurance separately, instead of escrowing them in my payment?
NO....just like FHA and VA, USDA requires that taxes/insurances are always included in the mortgage payment. Conventional loans allow a potential waiver of escrows.
Are the renovation funds for the project financed into the accepted sales price?
Yes...the reno project and sales price are combined to give the buyer an overall sales price. The 3.5% down payment is calculated from that combined number.
Can you use the FHA program on a vacation home or investment purchase?
No...FHA loan are only for 1-4 unit primary residences.
Do I have mortgage insurance if I put 20% down with a conventional program?
No.....mortgage insurance is only on a loan when there's less than 20% equity in a home.
What are the available properties for VA lending?
Primary homes....1-4 units, PUD, VA Approved Condo (attached/detached). The approved Condo list is available at Loan Guaranty (va.gov)
Can I buy a 2-4 unit home using the USDA program?
NO....only single family homes and condos/PUD
Does conventional have a renovation program??
Yes....convention Home Style. This can be for primary, vacation, or investment homes. With various down payments and guidelines for each.
My parents want to cosign on my FHA purchase....but they own a home already? Can they?
Yes...a family member can be a non-owner occupied co-signer. We will factor in their credit, debt, income etc.
I want to buy a 2-4 unit investment home with a conventional loan...what is my required down payment?
25% down payment is required when buying a 2-4 unit investment property.
Can a non-occupying co-borrower be allowed to co-sign on a VA loan?
Not allowed
Do USDA loans offer 15 year or 20 year options?
NO.....they are only 30 year term programs
With a renovation loans, do I do the work myself??
No...a licensed contractor, selected by the buyer does the renovations.