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Michael Inkman

Fairway Independent Mortgage Corporation

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FHA Loans

FHA loan programs are insured by the Federal Housing Administration. These types of loans only require a 3.5% downpayment and the money is allowed to be gifted.

FHA loan facts:

  • On a purchase or Rate/Term Refinance, your credit score must be at least 640
  • “N/A” FICO is no longer eligible with Wells Fargo
  • A Cash-Out Refinance, your credit score must beĀ 660 for any loan amount >$417,000 regardless of property type, # of units or location
  • There is no minimum loan amount
  • A valid social security number is required for all borrowers
  • All borrowers whose income is being used to qualify, are taking title to the property and obligated on the Mortgage & Note
  • A co-signor’s income or credit cannot be used as the application’s primary source of income or credit.
  • Maximum financing permitting for 1-unit properties when the borrowers are related

 

If you have any quesitons about FHA loans, please leave a comment or send us a message.

Michael Inkman

Contact Michael


michael@michaelinkman.com
Mobile: (214) 762-4659
NMLS #152707
FIMC
Company NMLS #2289

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1800 Golden Trail Court
Carrollton, TX 75010

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