FHA | Pmgro

FHA Loans

Below you will find some FHA loan programs that might interest you. Please contact us for more information.

FHA PURCHASE

Some of the benefits of acquiring a house with an FHA loan are:

Down Payment requirement of 3.5%
Gift funds are acceptable
Property has to be owner-occupied
Property types vary: Single-Family-Residence (SFR), Condo, PUDs, 2-4 units
Minimum FICO score of 600

STREAMLINE REFINANCE

Under a Streamline Refinance, there is less documentation needed by the lender. Some of the basic requirements for this type of FHA loan are as follows:

Mortgage to be refinanced must already be FHA insured
Mortgage to be refinanced should be current and NOT DELINQUENT
There is no cash-out

Perks of Streamlime Refinancing

No income verification
No appraisal
No closing costs

ENERGY EFFICIENT MORTGAGES (EEM)

In a nutshell, a borrower may finance 100% of the total cost of energy effiecient improvements into their mortgage if the savings exceed the cost. The FHA EEM limits are as follows:

Use 5% of the lesser of:

Appraised Value
115% of median sales price
150% of Freddie Mac Conforming Limit ($625,500)

For example, a home that is appraised at $680,000 in Contra Costa County could finance up to $31,275 in energy upgrades.

Examples of energy upgrades include:

Water Heaters
Insulation
Dual-Pane Windows
Infiltration ( weather stripping)
Central Heating / Air-Conditioning

We also have other types of financing. Please call to inquire about what loan program is best for you.

(626) 583-1020