Main Chance Estates Condominiums are now FHA approved. What that means to you is there are more options for financing homes in the community. This can help someone buying or refinancing.
FHA Loan to Purchase a Home in Main Chance Estates
An FHA loan allows a down payment as low as 3.5% which opens up the opportunity for buyers that have enough income to qualify but are short on funds for a down payment. The loan limit for an FHA loan would be $729,525.
FHA loan programs follow more flexible qualifying guidelines that will make it easier to qualify if there are slight issues with credit or other “wrinkles”. There are also options for an FHA renovation loan that is based on the improved value of the home which can provide a budget for updating the unit.
FHA Loan when Selling Your Home
Having a larger pool of buyers can only help get top dollar when selling your property. An FHA loan requires an FHA appraisal that has the added requirement to address “health and safety” issues. As long as issues such as peeling paint and termite repairs are addressed up front there is no additional issues working with a buyer with an FHA loan.
FHA Loan Refinance – Reverse Mortgage
Your neighbor that asked us to assist with the approval of the condo project wanted to refinance their home with a reverse mortgage. We just got the project approved so we are in process of completing the refinance of her home.
A reverse mortgage can pay off an existing mortgage; provide a retirement line of credit or a combination of both. The unique benefit of an FHA insured reverse mortgage is that payments are not required. Properly structured a reverse mortgage can help improve the outcome of your retirement plans.
It is also possible to PURCHASE a home with an FHA insured Reverse Mortgage. The amount of down payment depends primarily on the age of the youngest borrower (and must be over 62)
Please examine more details at www.signetmortgae.com/reverse
Of course we also do conventional loans if that would be a better fit for purchase or refinance. Check out details at www.signetmortgage.com.
For more information please provide your contact information and indicate the best way to reach out to you.