Home Loans: FHA Financing

Finlay Financial Corporation (FFC)

The Federal Housing Administration (FHA) insures mortgage loans made by FHA approved lenders. The primary advantages of FHA financing are easier qualification (underwriting guidelines are less stringent than conforming, conventional financing) and usually a lower down payment. Multiple co-borrowers are often accepted in qualifying a home buyer. The FHA does not insure loans on properties which are non-owner occupied, with the exception of certain HUD-acquired properties. FHA currently has a moratorium on 203(k) loans to investors (non-owner occupied properties).

FFC offers a variety of FHA insured loans:

  1. 203(b) Purchase or Refinance:
    • Fixed Rate Mortgage for a 15 or 30 year term, fully amortized.
    • Adjustable Rate Mortgages (ARM) for a 30 year term. Qualify at start rate.
  2. 203(k) Home Rehabilitation Loan provides acquisition cost, rehabilitation costs as permanent financing in which closing costs and up to six months of mortgage payments can be financed.
    • One to four units. Condos are not eligible.
    • Single family residence can be converted to up to four attached units if properly zoned.
    • Improvements include structural alterations (room additions), remodeling, siding, carports, plumbing, heating, air conditioning, electrical, roofing, gutters, flooring, tiling, carpeting, energy conservation improvements, solar hot water systems, landscaping, etc.
  3. Title One, Home Improvement Loans.
    • Loan amounts to $25,000 (even if you have an existing 2nd TD).
    • Fixed rates (10,15, 20 or 25 year terms).
    • NO Appraisal required.
    • Use a contractor or do the work yourself.
  4. Streamline Rate Reduction Refinance (SRRR) is a very low cost, easy way to refinance your existing FHA loan.
  5. HUD-Acquired Properties are properties originally purchased with FHA financing, now being sold by HUD. Contact your local REALTOR or FFC for a list of these properties (Please specify geographic area desired).
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    MacnSan@aol.com, Marilou McSherry, copyright © 1997.
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