Here are some key facts you might want to know:- Maximum Loan amount is $346,250.
- Minimum Down Payment is 3.5%
- Maximum Seller contribution is 6%.
- Line 2 of the FHA Loan Exhibit will need to show the FHA Up Front % as 1%. Most borrower will add that to the loan amount.
- FHA does not require a termite letter. However, if the contract requires one then the lender will ask for it as well.
- When is a septic tank inspection required?
- 1) If the appraiser observes a system failure or suspects a problem.
- 2) It is customary in the region to inspect the septic system.
- FHA loans allow a non -occupant co-borrower. (like a parent or sibling)
If you have any questions on FHA financing please feel free to contact us – guidelines change!
