FHA Mortgage Products

The Satori Group is proud to offer mortgage products sponsored by the U.S. Department of Housing and Urban Development and the U.S. Department of Veterans Affairs.  The Federal Housing Administration was created in 1934 to aid in the recovery after the Great Depression.  The Federal Housing Administration has insured more than 35 million home mortgages since it’s inception and currently they insure roughly 4.5 million home mortgages.  The numbers are growing at an exponential rate as more and more people look to government insured mortgage products. 

Features

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• Maximum Loan-to-Value : 97.75% for Rate/Term Refinance transactions¹
• Maximum Loan-to-Value : 96.5% for Purchase transactions¹
• Maximum Loan-to-Value : 85% for Cash Out Refinance transactions¹
• Maximum Debt-to-Income Ratio : 59.0%
• 203(k) Streamline Rehabilitation Loan ($5,000-$35,000 in updates can be included when Purchasing or Refinancing a Primary Residence)
• Full 203(k) Rehabilitation Loan (no limits on the project)
• Minimum Credit Score : 560
• FHA-to-FHA Streamline transactions (no appraisal or employment verification required)³

Advantages

• Lowest down payment requirement for purchase transactions
• Potentially an avenue for financing if conventional financing is not available
• First time home buyer friendly
• Gift funds for downpayment are OK
• Lower monthly mortgage insurance
• Competitive interest rates at lower credit scores
• No pre-payment penalties
• Tax deductible interest²

Disadvantages

• Mortgage insurance required for most FHA products for at least 3 years
• Up-front mortgage insurance AND monthly mortgage insurance
• Primary residence only
• More rigorous documentation requirements

More answers

1 -Maximum Loan-to-Value is determined by a variety of factors including but not limited to: loan type, credit worthiness, property type and occupancy status. The max loan-to-values listed are not necessarily available for every situation.

2-The Satori Group is not a licensed tax preparer. For questions regarding the amount of mortgage interest that you can deduct, please consult a professional.

3-Mortgage payments must be current for the most recent 12 months of mortgage payments

Information deemed reliable but, not guaranteed.