| Purchase Price | $80,000.00 | | Credit Score (Minimum) | 600 | | Minimum Monthly Income Requirement | 2,300.00 | Down Payment
(3.5% Minimum) | 2,800.00 | | Closing Costs | 2,100.00 | Taxes & Insurance
(pre-paids) | 3,500.00 | | Total Cost | 8,400.00 | | Seller can pay up to 6% of sale price towards your costs | (4,800.00) | | Cash Needed To Close | 3,600.00 | Mortgage Payment
(4.8% Interest Rate) | 416.00 | | Taxes & Insurance | 300.00 | | Total Monthly Payment | 716.00 |
It's now cheeper to own then rent !!!
| Purchase Price | $120,000.00 | | Credit Score (Minimum) | 600 | | Minimum Monthly Income Requirement | 3,000.00 | | Down Payment | 4,200.00 | | Closing Costs | 2,500.00 | Taxes & Insurance
(pre-paids) | 3,700.00 | | Total Cost | 10,400.00 | | Seller can pay up to 6% of sale price towards your costs | (7,200.00) | | Cash Needed To Close | 3,200.00 | Mortgage Payment
(4.8% Interest Rate) | 624.00 | | Taxes & Insurance | 350.00 | | Total Monthly Payment | 974.00 |
| Purchase Price | $150,000.00 | | Credit Score (Minimum) | 600 | | Minimum Monthly Income Requirement | 3,500.00 | | Down Payment | 7,500.00 | | Closing Costs | 3,000.00 | Taxes & Insurance
(pre-paids) | 4,000.00 | | Total Cost | 14,500.00 | | Seller can pay up to 6% of sale price towards your costs | (9,000.00) | | Cash Needed To Close | 5,500.00 | Mortgage Payment
(4.8% Interest Rate) | 770.00 | | Taxes & Insurance | 400.00 | | Total Monthly Payment | 1,170.00 |
| FHA Loan Section 203(b) is the most popular FHA program. You may use this program to purchase new or existing 1-4 family homes, including manufactured homes, in both urban and rural areras. What you need to qualify Owner occupancy
This must be the buyers primary residence.
Loan types available
FHA fixed rate 30 year, FHA fixed rate 15 year.
Income
Must be able to document enough income that your debt to income ratios do not exceed 31% (front end) / 43% (back end).
Mortgage debt to income ratios are the calculations underwriters use to determine whether a borrower can qualify for a mortgage.
There are two calculations. The first or (front end) ratio is your housing expense-to income. This is to say your proposed mortgage payment (principle, interest, taxes and insurance) divided by your gross monthly income. This can not exceed 31 % of your gross monthly income.
The second or (back end) ratio is your total monthly obligations including your new mortgage payment (principal, interest, taxes and insurance) divided by your gross monthly income. This can not exceed 43% of your gross monthly income.
Example: Monthly Income $3,500.00, your new mortgage payment with taxes and insurance is $1,000.00. 1,000 Divided by 3,500 = 28%. So far so good for the front end ratio. You can qualify for a 1,000.00 monthly payment. Now we have to add your other monthly obligations like car payments and credit cards.
Example: Month Income $3,500.00, your new mortgage payment with taxes and insurance is $1,000.00 and your other monthly bills which we will say is 500.00 per month. 1,500 Divided by 3,500 = 42%.
You did not exceed the front or back end ratio so you qualify for a $1,000.00 monthly mortgage, taxes and insurance payment.
Maximum loan amount
(Wayne County) $297,500
Property types
Single family residences, townhomes, planned unit development homes, condos.
Credit Score - 600
Past bankrupties or foreclosures
24 months since discharge of any bankrupties; 36 months since any foreclosure.
Eligibility
All borrowers must have a valid social security number. All borrowers must demonstrate 2 years of employment history.
Mortgage Insurance
FHA mortgage insurance is required on all loans.
Seller concessions
Seller can pay up to 6% of the sales price toward your mortgage closing costs. Also, the seller can waive tax prorations which could make your total out of pocket expense very little.
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