FHA Rate Updates for 7/29/2010
| FHA Insured Loan Program | Rate | APR |
| 30 Year Fixed | 5.000% | 5.497% |
| 15 Year Fixed | 4.500% | 5.853% |
| 5/1 ARM | 4.250% | 3.718% |
| 3/1 ARM | 3.875% | 3.389% |
APR based on 3.5% down payment on a $300,000 sale price
FHA
Purchase Assistance Program
1.0% Borrower Closing Cost Credit
(FHA Purchase loans)
- 3.50% Down to $729,750**
- 0 Down with Approved Down Payment Assistance Program
- Funds may be 100% Gift for Down Payment and Closing.
- Up to 6.0% Seller or Lender Credit okay!
- No Pre Payment Penalty
FHA Refinance
- Rate & Term Refinance to *97% LTV
- Cash out available to *95% LTV
- Past Credit Problems okay!
- Subprime ARM adjusting? We can help!
- No Equity? No problem! We will assist you with negotiating a short payoff (or) subordinate financing with your existing lender.
We Offer Down Payment
Assistance Programs!
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FHA Refinance
Home owners with or without FHA home loans may us the FHA cash out refinance loan program to consolidate their bills or take cash out of their property.
FHA Cash Out Refinances
FHA Cash-out refinances loans on properties owned more than one year prior to the refinance are permitted on owner occupied principal residences only, and are limited to 95% of the appraised value plus the allowable closing costs.
A FHA cash-out refinance loan is when a borrower refinances their current mortgage for more than they owe in order to pull out the built up equity that has accrued in the home. The amount a home owner can borrower is limited by the value of the property compared to the loan amount (otherwise known as the loan-to-value or LTV).
The following are basic requirements of a cash-out FHA refinance home loan:
- The subject property must have been owned by the borrower as his or her principal residence for at least 12 months prior to the date of the loan application.
- If said property is encumbered by a mortgage, the borrower must have made all of his/her mortgage payments within the month due for the previous 12 months, i.e., no payment may have been more than 30 days late and is current for the month due.
- Applies to owner occupied properties only
- The property that is security for the refinanced mortgage must be a 1- or 2-unit dwelling.
- Loan amounts may not exceed the maximum loan limits for the area.
- Subordinate financing may remain in place, but subordinate to the FHA insured first mortgage, regardless of the total indebtedness or combined loan-to-value ratio, provided the homeowner qualifies for making scheduled payments on all liens.
- All borrowers must credit qualify.
- Any co-borrower or co-signer being added to the note must be an occupant of the property. Non-occupant owners may not be added in order to meet FHA's credit underwriting guidelines for the mortgage.
If you have any questions, please send an e-mail to: FHA@more2lend.com (or) contact us at 800-310-7577.
FHA Loan Approval
within 24 hours*
*24 hour FHA loan approval is contingent upon receiving all pertinent income, collateral documentation and a signed authorization to request credit. Once all requested documentation is received, we are able to request credit and submit for an automated underwriting decision, final approval is subject only to a signed purchase contract, clear title and appraisal. If we are unable to receive an Approve/Eligible the borrower is given the option to submit for a manual underwriting which can take approximately 7-10 days.
M&H Partners, Inc. DBA More2Lend Financial
HUD FHA Approved Lender # 1931000001
Licensed Real Estate Broker, California Department of Real Estate #01325622 Broker of Record: Joseph M. Moore |
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