{"id":109,"date":"2014-01-29T05:17:33","date_gmt":"2014-01-29T05:17:33","guid":{"rendered":"http:\/\/www.guardianmtginc.com\/?page_id=109"},"modified":"2014-03-24T01:03:36","modified_gmt":"2014-03-24T01:03:36","slug":"fha-203b-program","status":"publish","type":"page","link":"https:\/\/www.guardianmtginc.com\/?page_id=109","title":{"rendered":"FHA 203(b) Mortgage"},"content":{"rendered":"

FHA 203(B) Mortgage Loan Program<\/span><\/h1>\n

\"shutterstock_6694801\"<\/a><\/h2>\n

FHA 203b loans are the government loan program of choice for most home buyers and home owners.\u00a0 Through this program, HUD’s Federal Housing Administration (FHA) insures mortgages made by qualified lenders to people purchasing or refinancing a home of their own. The FHA loan program was created to help increase homeownership. FHA loans are an excellent option for home buyers who do not have a big down payment. The\u00a0 FHA programs are\u00a0 one of the best financing\u00a0 options for most first time home buyers as well as move-up home buyers. FHA program offers borrowers the opportunity to obtain a mortgage when they may not qualify under conventional guidelines.<\/p>\n

What is the purpose of FHA program?<\/span><\/h2>\n

To provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD.<\/p>\n

What are the benefit to borrower?<\/span><\/h2>\n

\u2022\u00a0 3.5% Down payment required
\n\u2022\u00a0 FHA loans are assumable by credit qualified home buyer
\n\u2022\u00a0 Fixed and Adjustable terms
\n\u2022\u00a0 Streamlined Refinances with and without appraisals.
\n\u2022\u00a0 Cash out refinances up to 85%
\n\u2022\u00a0 Seller can pay all closing costs up to 6% of the purchase price
\n\u2022\u00a0 No cash reserves required
\n\u2022\u00a0 100% Gift from family members for down payment is OK.
\n\u2022\u00a0 High Debt-to-ratio up to 55% are ok.
\n\u2022\u00a0 Credit doesn’t have to be perfect
\n\u2022\u00a0 Non-occupant co-signers with qualified income are okay.
\n\u2022\u00a0 Loans now go up to $729,750.00 in many areas and counties. (click here to check your county limit)
\n\u2022\u00a0 Mortgage insurance is usually less expensive than on a conventional loan.
\n\u2022\u00a0 Gift from relatives for down payment and closing costs allowed.
\n\u2022\u00a0 Easier Credit Qualifying Guidelines.
\n\u2022\u00a0 Buyers don’t have to be a first time buyer to obtain a FHA loan.
\n\u2022\u00a0 Anyone can use a FHA loan program as long as buyers do not have more than one FHA insured loan at any one time.<\/p>\n

Eligible FHA Loan Terms:<\/span><\/h2>\n
Fixed Rate:\u00a0\u00a0 10, 15, 20, 25 or 30 years<\/strong><\/h5>\n
ARMs :\u00a0 30 years only<\/strong><\/h5>\n

Eligible Occupancy requirement<\/span><\/h3>\n

\u2022\u00a0 Owner Occupied<\/strong>
\n \u2022\u00a0 Second Home<\/strong>
\n \u2022\u00a0 Investment Property<\/strong><\/p>\n

What are the FHA loan eligibility requirements?<\/span><\/h2>\n

\u2022\u00a0 The borrower must meet standard FHA credit qualifications.
\n\u2022\u00a0 The borrower must have 3.5% down payment own funds or gift from relatives
\n\u2022\u00a0 The borrower is eligible for approximately 96.5% financing. The borrower is able to finance the upfront mortgage insurance premium into the mortgage.
\n\u2022\u00a0 The borrower will also be responsible for paying an annual premium.
\n\u2022\u00a0 Eligible properties are one-to-four unit structures that includes Single Family, Townhouse and Condominium.<\/p>\n

Maximum # of FHA loans allowed per borrower<\/strong><\/span><\/h3>\n

FHA will generally not insure more than one mortgage per borrower. Circumstances in which a borrower may keep his current FHA-insured mortgage are provided below.<\/p>\n

Relocating<\/span><\/strong><\/h4>\n

The borrower is relocating and re-establishing residency to another area that is not within reasonable commuting distance from the current HUD insured home. There is no need to reduce the principal balance or sell the current home. Other items of clarification are shown below.<\/p>\n

\u2022\u00a0 The relocation need not be employer mandated.
\n\u2022\u00a0 If the borrower returns to an area where he\/she owns a property with an FHA Mortgage, it is not required that the borrower re-establish primary residency in that property in order to obtain another FHA mortgage.<\/p>\n

Family Size Increase<\/span><\/strong><\/h4>\n

\u2022\u00a0 The borrower\u2019s family has increased in the number of legal dependents and the present home no longer meets the family needs and the following applies.
\n\u2022\u00a0 Satisfactory evidence must be provided of the increase in dependents and an explanation of why the property no longer meets the family needs.
\n\u2022\u00a0 The outstanding mortgage balance on the present home is paid down to a maximum LTV of 75% (excluding financed mortgage insurance premium (MIP).
\n\u2022\u00a0 A current residential appraisal must be used to determine LTV compliance.<\/p>\n

Our Certified Mortgage Planner Specialists will guide you through each stage of the process and provide you with expert advice along the way. Whether you are Buying a home or Refinancing your current mortgage we are committed to making the home loan process clear, informative, and simple. At Guardian Mortgage, we understand that buying a home is equally big decision as refinancing your current mortgage. That\u2019s why we are committed to providing you with the information you need to make well informed decisions.<\/p>\n

When you are ready, simply Apply Online, Request Personalized Rate Quote or call us at 703-349-1084 to speak with live person.<\/strong><\/p>\n

\"Apply<\/a>\"Request<\/a>\"Request<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FHA 203(B) Mortgage Loan Program FHA 203b loans are the government loan program of choice for most home buyers and home owners.\u00a0 Through this program, HUD’s Federal Housing Administration (FHA) insures mortgages made by qualified lenders to people purchasing or refinancing a home of their own. The FHA loan program was created to help increase […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"nf_dc_page":"","pmpro_default_level":"","footnotes":""},"_links":{"self":[{"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=\/wp\/v2\/pages\/109"}],"collection":[{"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=109"}],"version-history":[{"count":1,"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=\/wp\/v2\/pages\/109\/revisions"}],"predecessor-version":[{"id":2244,"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=\/wp\/v2\/pages\/109\/revisions\/2244"}],"wp:attachment":[{"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}