FHA Loans

M

Mckenzie_IHB

New member
Saw a news story tonight on FHA loans. Reporter stated that you can now get home loans for 3% down up to $567,500 with a FICO score as low as 620.
 
They are full doc (2 years of 1040's and 3 months of pay-stubs from both husband and wife), so you have to have the family income to pay for that.
 
Oct 1st its starts at 3.5% down. Max loan amount can vary per county but around $500,000 max loan amount. As you get closer to the max loan amount it gets towards almost 5% down. It is Federal governments first time home buyer loan program.
 
[quote author="Mckenzie" date=1223138481]Saw a news story tonight on FHA loans. Reporter stated that you can now get home loans for 3% down up to $567,500 with a FICO score as low as 620.</blockquote>
It's the gov't version of subprime lending.
 
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