FHA Mortgage Guidelines:  For the Professional

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Secondary Financing

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Borrower Eligibility

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H4H, Hope for Homeowners

HR3548 Home Buyer Tax Credit

FHA Grants

The (acceptable) granting agency must provide satisfactory written documentation stating the terms of the gift donation to the Borrower. The funds must be received prior to or at closing.

Secondary Financing:

2nd mortgages may provide down payment and closing cost assistance. The terms of the 2nd mortgage must be fully documented and must meet FHA requirements. The agency or individual providing the funds for the 2nd mortgage must meet FHA guidelines for down payment assistance.

Broker Credit:

The mortgage Broker may assist the Borrower in paying closing expenses by crediting a portion of his fees at the closing. The Borrower’s required investment (3.5% on a purchase) must be met before any Broker credit is given at the closing. The Broker credit must be clearly identified on the HUD-1 statement and there is no cash back to Borrower allowed at closing.

Seller Contributions:

Seller may contribute up to 6% of the price/value of subject property (whichever is less) without considering LTV.

Seller contributions must be clearly identified on the purchase contract, the loan documents and the closing documents. The HUD-1 statement must clearly itemize the fees paid by the Seller.

The total amount paid by the Seller MAY NOT EXCEED ACTUAL EXPENSES that would result in cash back to the Borrower at the closing.

Any interested 3rd party contributions/concessions must be addressed on the appraisal and appropriate adjustments must be made. A copy of the sales contract must be provided to the appraiser.



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