FHA Loans

SPECIFICS

Max loan amounts up to $420,680 (Harris County)

DOWN PAYMENT REQUIREMENTS

3.50% down payment / 1.75% funding fee Down payment assistance available Gifts for down payment is allowed

CREDIT SCORES

Minimum 600 for 3.5% DP Minimum 550 with 10% DP

DEBT TO INCOME RATIOS/ FIXED TERM RATES

DTI up to 57%
Fixed rate terms: 15, 20, 25, & 30

PRIOR LOAN DEFAULT WAITING PERIODS

Bankruptcy- Chapter 7: 2 years from discharge
Bankruptcy- Chapter 13: 12 months with satisfactory payment history & court approval Foreclosure: 3 years from completion date
Short Sale: 3 years
Shorter waiting periods may be considered with extenuating circumstances

OTHER IMPORTANT FACTS

Seller concessions up to 6% for closing cost only Owner-Occupied only (No second homes)

MORTGAGE INSURANCE

Mortgage insurance required for all FHA loans
10% DP mortgage insurance drops off after 11 years