Home buyers, are you worrying about not able to get the loan you need to purchase your dream home? Or wondering if you have enough downpayment on the property you really like? Worry no more! Here is the good news for you.
The new FHA loan has been increased to the following:
Single Family Residence - $625,000
2 Units Property - $800,775
3 Units Property - $967,950
4 Units Property - $1,202,925
Even better, FHA requires only 3.5% for downpayment and you can finance up to 96.5%.
Minimum credit score is 560. It must be owner occupied. For 2 - 4 units property, owner has to occupy in one unit.
FHA also modified the requirements on the condition of the property that they will approve on lending the money. They are not as difficult as before, so more home buyers, like yourself, can get the money they need to purchase a home.
Email me if you want know more on the new modified FHA requirements on the condition of the property.
Contact me now - Your Bay Area real estate agent!
Vivian Hung DRE# 01831151
Century 21 LandMark Excellence
Tags: Home loan
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