FHA Guidelines for 2009 – an overview:

–         NEW permanent loan limits up to $625,500

–         Down payment options as low as 3.5% on owner occupied properties, including 2-4 unit buildings

–         Low, competitive rates

–         Gift funds allowed - buyer’s entire cash investment can be gifted

–         No reserves required on 1-2 unit properties.

–         More flexible credit guidelines than other loan products

–         Seller contributions allowed – up to 6% on all LTVs (can include closing costs)

–         Fixed- and adjustable-rate loans available

–         Loans are assumable with credit approval

•          Property Types

–         Owner Occupied, 1 -4 units

–         SFRs and PUDs (attached or detached)

–         Condos (with project approval)

–         New Construction

–         Leased Land (with lease approval)

•      Purchase Loan Types

–         15, 20, 25, and 30 year fixed rate terms

–         3/1, 5/1. 7/1 and 10/1 ARMS*