Ads
related to: bpi house construction loan requirements florida income restrictions map
Search results
Results From The WOW.Com Content Network
FHA construction loans: For as little as 3.5 percent down, you can get a construction loan insured by the Federal Housing Administration (FHA). These come in the form of a construction-to ...
FHA loans: Insured through the Federal Housing Administration, FHA loans have more lenient credit score and DTI ratio requirements than conventional mortgages. The minimum down payment is 3.5 percent.
Loan limits: $498,257 or up to $1,149,825 in higher-cost areas Mortgage insurance premiums (MIP) : MIP is paid in two forms: an upfront MIP paid at closing and an annual MIP that’s rolled into ...
The Department of Treasury estimated outlay to States was $3 billion for 2009. State housing agencies were required to use a grant to make sub-awards to finance the acquisition or construction of qualified low-income buildings, generally subject to the LIHTC requirements discussed (including rent, income, and use restrictions on such buildings).
Other guidelines include borrower's loan-to-value ratio (i.e. the size of down payment), debt-to-income ratio, credit score and history, documentation requirements, etc. [3] In general, any loan that does not meet guidelines is a non-conforming loan .
The National Housing Act of 1934 created the Federal Housing Administration (FHA), which was established primarily to increase home construction, reduce unemployment, and operate various loan insurance programs. [4] The FHA makes no loans, nor does it plan or build houses.