The FHA Advantage


  • Low Down Payment (3.5% in Nevada)
  • Quick and Easy Closings
  • 3-6% Seller Concessions
  • Lender Premium Pricing Allowed to Cover Closing Costs (Does Not Count Toward 3%)
  • Sub-Prime Borrower Can Obtain “A” Credit Rates Using FHA
  • 1-4 Unit Properties
  • Cash Reserves Are Not Required (3 & 4 Unit Properties Require 3 Months PITI)
  • Gift Funds Are Allowable
  • Flexible Qualifying Ratios (31/43)
  • Flexible “Common Sense“ Underwriting Guidelines
  • Non-Occupant Co-Borrower Allowed
  • No Pre-Payment Penalty
  • Assumable

WHAT ABOUT ELIGIBILITY?

  • In Order to be eligible for an FHA insured mortgage, the borrower must:
  • Occupy the property as principle residence
  • Have a valid Social Security number
  • 2-year employment history (School or Military Service may apply)
  • Cannot be delinquent on any Federal debt such as a student loan, SBA loan or another government insured mortgage
  • Meet flexible credit guidelines

DOCUMENTS NEEDED TO APPLY

  • Most recent 30 day pay stubs
  • W2 or 1099 forms for most recent 2 years
  • Most recent 3 months bank and investment statements
  • Information concerning your assets and debts
  • Credit account information
  • Personal identification information