Mortgages

Why should I consider FHA financing for my home mortgage?

Answer

  • Minimal Down Payment and Closing Costs. Down payment 3.5% of Sales Price.
  • Eliminates need for separate Mortgage Insurance approval!
  • Gift for down payment and closing costs allowed. 
  • No reserves are required. 
  • Seller can credit up to 6% of sales price towards buyers closing costs and prepaid items.

For more information, talk to our partners at Capital Mortgage Funding.


[back to top]

Can I refinance into an FHA mortgage?

Answer

Yes. There is a liberal LTV’s 97.75% rate and term: different criteria than conventional loan. Streamlines allowed without an appraisal. 

For more information talk to our partners at Capital Mortgage Funding.


[back to top]

Can I get FHA financing for a rental/investment property?

Answer

No, the property must be owner occupied by Borrower. No investment property or second homes. However, you can finance up to a four-unit property, with at least one unit owner occupied.

For more information, talk to our partners at Capital Mortgage Funding.


[back to top]

Can I get FHA financing for a condo?

Answer

Condominiums must be FHA approved.

For more information, talk to our partners at Capital Mortgage Funding.


[back to top]

What is the FHA loan limit?

Answer

For the Dayton metro area, the  limit for FHA loans is $127, 250.
[back to top]

What is a VA loan?

Answer

The VA Loan is designed for veterans and service personnel. Eligibility for the VA loan is defined as Veterans who served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime. There is a two-year requirement if the veteran enlisted and began service after September 7, 1980, or was an officer and began service after October 16, 1981. There is a six-year requirement for National guards and reservists with certain criteria and there are specific rules concerning the eligibility of surviving spouses.

For more information, talk to our partners at Capital Mortgage Funding.


[back to top]

Is there a limit to a VA loan?

Answer

VA will guarantee a maximum of 25 percent of a home loan amount up to $104,250, which limits the maximum loan amount to $417,000. Generally, the reasonable value of the property or the purchase price, whichever is less, plus the funding fee may be borrowed. All veterans must qualify, for they are not automatically eligible for the program.

For more information, talk to our partners at Capital Mortgage Funding.


[back to top]