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FHA 500 + Score

 FHA Loans vs. Conventional Home Loans

The main advantage of FHA home loans is that the credit qualifying criteria for a borrower are not as strict as conventional financing. FHA will allow the borrower who has had a few “credit problems” or those without a credit history to buy a home. FHA will require a reasonable explanation of these derogatory items, but will approach a person’s credit history with common sense credit underwriting.

Conventional financing, on the other hand, relies heavily upon credit scoring.  If your score is below the minimum standard, you will not qualify–end of story.

 

I’ve had a bankruptcy, short sale, or foreclosure in recent years. Can I get an FHA loan?

Yes.  Generally a bankruptcy will not preclude a borrower from obtaining an FHA loan. Ideally, a borrower should have re-established a minimum of two credit accounts (such as a credit card, car loan, etc.) and wait 2 years since the discharge of a Chapter 7 bankruptcy or have a minimum of 1 year of repayment with a Chapter 13 (the borrower must also seek permission of the courts to allow this). Furthermore, the borrower should not have any late payments, collections, or credit charge-offs since the discharge of the bankruptcy.   Although rare, if a borrower has suffered through extenuating circumstances (such as surviving cancer but had to declare bankruptcy because the medical bills were too much), special exceptions can be made.

New Guidelines effective August 2013 allow only 1 Year after an  "Economic Event", defined as "any occurrence beyond the borrower’s control that results in loss of employment, loss of income, or a combination of both, which causes a reduction in the borrower’s household income of twenty (20) percent or more for a period of at least six (6) months.  The Onset of an Economic Event is the month of loss of employment/income

 

What Is An FHA Streamline Refinance?

The FHA Streamline Refinance is a special mortgage product, reserved for homeowners with existing FHA mortgages. FHA Streamline Refinances are the fastest, simplest way for FHA-insured homeowners to refinance their respective mortgages.

The FHA Streamline Refinance program's defining characteristic is that it does not require a home appraisal. Instead, the FHA will allow you to use your original purchase price as your home's current value, regardless of what your home is actually worth today.

In this way, with its FHA Streamline Refinance program, the FHA does not care if you are underwater on your mortgage. Rather, the program encourages underwater mortgages. Even if you owe twice what your home is now worth, the FHA will refinance your home without added cost or penalty.

 

FHA Streamline: No Verification of Job, Income, Credit, or Value!!

There's no need for a home appraisal, either, so when you put it all together, you can be (1) out-of-work, (2) without income, (3) carry a terrible credit rating and (4) have no home equity. Yet, you can still be approved for an FHA Streamline Refinance.

 

FHA loans have both Upfront Insurance and Annual Insurance  

Up-Front Mortgage Insurance 

 The UFMIP is currently at 1.75% of the loan amount. This applies regardless of the amortization term or LTV ratio.  The only exception is for Streamline refinances of FHA loans endorsed  before June 1, 2009, in which the UFMIP is only .01% percent.

Annual Mortgage Insurance

The Annual is dependant on the loan term, amount, and loan-to-value ratio (LTV).  See the chart below. 

Term > 15 Years

Base Loan Amt.

LTV

New Annual MIP

< $625,500

< 95.00%

.80%

< $625,500

> 95.00%

.85%

> $625,500

< 95.00%

1.00%

> $625,500

> 95.00%

1.05%

 

 

 

Term < 15 Years

 

Base Loan Amt.

LTV

New Annual MIP

Any Amount

< 78.00%

.45%

> $625,500

78.01% - 90.00%

.45%

< $625,500

> 90.00%

.70%

> $625,500

78.01% - 90.00%

.70%

< $625,500

> 95.00%

.95%

Click to Lookup Your County's FHA Loan Limits 

 

MSA Name

County Name

One-Family

Two-Family

Three-Family

Four-Family

Median Sale Price

JESUP, GA

WAYNE

$271,050

$347,000

$419,425

$521,250

$58,000

NON-METRO

CALHOUN

$271,050

$347,000

$419,425

$521,250

$45,000

MACON, GA

CRAWFORD

$271,050

$347,000

$419,425

$521,250

$102,000

NON-METRO

DOOLY

$271,050

$347,000

$419,425

$521,250

$36,000

SAVANNAH, GA

EFFINGHAM

$271,050

$347,000

$419,425

$521,250

$210,000

ATLANTA-SANDY SPRINGS-ROSWELL, GA

GWINNETT

$342,700

$438,700

$530,300

$659,050

$297,000

NON-METRO

JEFF DAVIS

$271,050

$347,000

$419,425

$521,250

$40,000

DUBLIN, GA

LAURENS

$271,050

$347,000

$419,425

$521,250

$60,000

AUGUSTA-RICHMOND , GA-SC

LINCOLN

$271,050

$347,000

$419,425

$521,250

$185,000

VALDOSTA, GA

LOWNDES

$271,050

$347,000

$419,425

$521,250

$128,000

COLUMBUS, GA-AL

MARION

$289,800

$371,000

$448,450

$557,300

$171,000

NON-METRO

SCREVEN

$271,050

$347,000

$419,425

$521,250

$40,000

NON-METRO

TALBOT

$271,050

$347,000

$419,425

$521,250

$98,000

NON-METRO

TATTNALL

$271,050

$347,000

$419,425

$521,250

$50,000

NON-METRO

UNION

$271,050

$347,000

$419,425

$521,250

$110,000

THOMASTON, GA

UPSON

$271,050

$347,000

$419,425

$521,250

$45,000

ATLANTA-SANDY SPRINGS-ROSWELL, GA

BARROW

$342,700

$438,700

$530,300

$659,050

$297,000

NON-METRO

COOK

$271,050

$347,000

$419,425

$521,250

$51,000

ATLANTA-SANDY SPRINGS-ROSWELL, GA

DEKALB

$342,700

$438,700

$530,300

$659,050

$297,000

NON-METRO

DODGE

$271,050

$347,000

$419,425

$521,250

$40,000

NON-METRO

EMANUEL

$271,050

$347,000

$419,425

$521,250

$34,000

NON-METRO

GILMER

$271,050

$347,000

$419,425

$521,250

$115,000

ATLANTA-SANDY SPRINGS-ROSWELL, GA

HARALSON

$342,700

$438,700

$530,300

$659,050

$297,000

ATLANTA-SANDY SPRINGS-ROSWELL, GA

HEARD

$342,700

$438,700

$530,300

$659,050

$297,000

JEFFERSON, GA

JACKSON

$271,050

$347,000

$419,425

$521,250

$153,000

NON-METRO

JENKINS

$271,050

$347,000

$419,425

$521,250

$37,000

VIDALIA, GA

MONTGOMERY

$271,050

$347,000

$419,425

$521,250

$65,000

ATLANTA-SANDY SPRINGS-ROSWELL, GA

NEWTON

$342,700

$438,700

$530,300

$659,050

$297,000

WAYCROSS, GA

PIERCE

$271,050

$347,000

$419,425

$521,250

$50,000

AUGUSTA-RICHMOND , GA-SC

RICHMOND

$271,050

$347,000

$419,425

$521,250

$185,000

ATLANTA-SANDY SPRINGS-ROSWELL, GA

SPALDING

$342,700

$438,700

$530,300

$659,050

$297,000

NON-METRO

TAYLOR

$271,050

$347,000

$419,425

$521,250

$50,000

NON-METRO

TURNER

$271,050

$347,000

$419,425

$521,250

$50,000

NON-METRO

WHITE

$271,050

$347,000

$419,425

$521,250

$120,000

NON-METRO

WILCOX

$271,050

$347,000

$419,425

$521,250

$32,000

NON-METRO

WILKES

$271,050

$347,000

$419,425

$521,250

$41,000

FITZGERALD, GA

BEN HILL

$271,050

$347,000

$419,425

$521,250

$50,000

NON-METRO

BERRIEN

$271,050

$347,000

$419,425

$521,250

$53,000

SAVANNAH, GA

BRYAN

$271,050

$347,000

$419,425

$521,250

$210,000

ATLANTA-SANDY SPRINGS-ROSWELL, GA

BUTTS

$342,700

$438,700

$530,300

$659,050

$297,000

NON-METRO

CANDLER

$271,050

$347,000

$419,425

$521,250

$61,000

SUMMERVILLE, GA

CHATTOOGA

$271,050

$347,000

$419,425

$521,250

$51,000

ATLANTA-SANDY SPRINGS-ROSWELL, GA

CLAYTON

$342,700

$438,700

$530,300

$659,050

$297,000

AUGUSTA-RICHMOND , GA-SC

COLUMBIA

$271,050

$347,000

$419,425

$521,250

$185,000

ATLANTA-SANDY SPRINGS-ROSWELL, GA

COWETA

$342,700

$438,700

$530,300

$659,050

$297,000

ATLANTA-SANDY SPRINGS-ROSWELL, GA

DAWSON

$342,700

$438,700

$530,300

$659,050

$297,000

ATLANTA-SANDY SPRINGS-ROSWELL, GA

FORSYTH

$342,700

$438,700

$530,300

$659,050

$297,000

NON-METRO

MITCHELL

$271,050

$347,000

$419,425

$521,250

$40,000

COLUMBUS, GA-AL

MUSCOGEE

$289,800

$371,000

$448,450

$557,300

$171,000

TOCCOA, GA

STEPHENS

$271,050

$347,000

$419,425

$521,250

$73,000

 

1st Rate Mortgage Services, LLC NMLS #216585
327 Dahlonega St., Suite 104 B, Cumming, GA  30040
Office:  (770) 334-8451 Ext. 101
info@1stRateMtg.com
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A Georgia Residential Mortgage Licensee #32549
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