FHA Loans

The Federal Housing Administration (FHA) provides affordable home loans for purchase or refinance of owner-occupied properties with 30 year, 15 year, ARM and Rate Buydown programs available.

Benefits:

Minimum 3.5% Down Payment
Not only for First Time Homebuyers
Loan amounts up to $271,050 in Northwest Arkansas - Even higher in other areas of the country
The Seller may pay up to 6% of the sales price towards any of the Buyer's Closing Costs and Prepaid Items.
Gifts to cover Down Payment and Closing Costs are allowed from family members, employers or non-profit agencies.
Non-Occupying Co-Signers are allowed - All borrowers qualify with income and credit combined.

The one time 1.0% FHA Mortgage Insurance Premium (MIP) may be financed into the loan.

Refinances are allowed up to 95% of the appraised value (Cash-Out Refinances up to 85% of the appraised value).
Streamline Refinances are available - allowing borrowers to refinance with limited income and asset documentation.

Joel Jewell

Your Local Lender