FHA Loans

Good Morning,

Spring is finally upon us! We have FIVE WEEKS LEFT to get clients under contract to be eligible for the HomeBuyer Tax Credit. NAR reports that 39% of homebuyers are using FHA loans to purchase homes. I personally see over 75% of clients in Atlanta using FHA mortgage loans to make homeownership a reality. Here are some fast facts about FHA that can help you put buyers in homes:
Maximum Loan Amount for Metro Atlanta: $346,250.00
FHA Down payment 3.5%- Borrowers can get a gift for this amount
Minimum Credit Score- 620
Debt to Income Ratio- 55%
6% Seller paid closing costs are allowed (no official word on a change in allowed the amount)
April 5th- The UFMIP will be increasing to 2.25%

The Federal Housing Administration insures these loans helping to keep mortgage rates very low; currently in the low 5%. For most of my clients I can get them a better interest rate on a FHA loan than a Conventional 30 year Fixed, unless they are putting more than 10% down.

At Brayden Capital, we are an FHA Approved direct lender; so we can underwrite and approve FHA loans in-house. Right now my average turn time for an FHA loan is 2 weeks! I am hearing from the market that most banks are quoting 30-45 days to close a loan. Two weeks from the binding date and we can have your client in their new home and you on to making your next sale! So please keep me in mind as the selling season starts and your clients need a lender that can get them to the closing table on time, every time with no surprises.

I hope you have a great weekend and please call me if I can help,