• FHA

-       Federally Backed/Insured Loans

-       Minimum down payment=3.5% of Purchase Price

-       Minimum Credit Score= 620 (Middle Score)

-       Max Seller Concessions 6% of the purchase price

-       Assumable Loans

-       Streamline Refi

-       Less Hits/Lower Rates

-       Easier to Close w/ Lower down payment

-       We order own appraisal

-       Lower Mi Monthly

-       Negative= MIP Fee

-       282, 500 Max FHA Loan

-       Gifting Letters/C0-Signer

     Conventional

-       Fannie/Freddie/Private

-       Minimum down payment= 5% (Recommend 10%)

-       Minimum Credit Score= 680-700(Really want 720+)

-       HVCC

-       Higher Rates

-       Want 760+, Low DTI, High down payment

-       Loans higher than 282k

-       No Gifts/No Co-Signer

-       At times you go conventional b/c loan amount or down payment, that’s it at this point

Call Chet Hileman

First Liberty Mortgage

636-541-2165