A Federally Insured Loan

Insured by the Federal Housing Administration (FHA), this loan offers flexible down payment, income and credit qualifications. The loan requires a low down payment or equity and is available with either a fixed rate or adjustable rate option.

Features of This Loan

• • Low, 3.5% down payment requirement on a purchase loan
  • As little as 2.25% equity on a refinance of your current mortgage
  • Refinance and pull cash equity from your home up to 85% of your home’s value
  • Flexible credit guidelines
  • Seller able to pay much of closing and prepaid costs
  • Down payment and closing and prepaid costs may be paid funded by a gift from a relative or a qualified non-profit grant
  • May qualify for a streamlined refinance with no appraisal required
  • Ability to buy up to a 4-unit property to live in one unit and rent the others
  • No income limitations

Consideration Points for Borrowers

• • • Little savings or little equity
    • Less than perfect credit
    • Need a non-occupying co-borrower
    • Beginners rental property
    • Alternative to a USDA Loan for properties not located in a USDA-eligible rural area
    • Currently have an FHA Loan and wish to refinance

For more information, give Finofi a call at (717) 249-7500. Our expert mortgage advisors are ready to answer your questions and would love to work with you!