FHA Loans
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10 Terms
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Another term for FHA loans?
“Insured”
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Who are FHA loans insured by?
The fed
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Minimum down payment for FHA?
3.5%
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FHA DTI ratios?
31% front, 43% back
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Maximum seller concessions for FHA loans?
6% of sales price
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Move in and stay requirements for FHA loans?
Must move in within first 60 days and stay at least 1-year
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What are the mortgage insurance requirements for FHA loans?
MIP and a one time UFMIP fee
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What is the late fee on FHA loan?
4% of the P&I Only – can’t charge late fee on the taxes & insurance portion
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What is the max amount that a seller can contribute to closing costs on an FHA loan?
6% of sales price
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Do FHA loans have a prepayment penalty?
No
Note 
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