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FHA guidelines

New FHA Loans: What You Need to Know. Are you looking for a new home in Kansas but don’t have a big down payment saved up? Currently, FHA loan programs are a great way to help buyers afford homes. These should go a long way in helping people obtain mortgages.

The two best features of FHA loans are: 1) Minimum down payment is 3-1/2% (not including closing costs). And 2) gifts are permitted for the entire 3-1/2% borrower investment and don’t need to be “seasoned.”

  • NO MINIMUM FICO REQUIREMENT (this is huge)
  • Must be full documentation loan. No stated income loans.
  • No income limits.
  • The seller can contribute to closing costs, although the seller does not have to pay the closing costs.
  • There can be non-occupant co-signers on the loan.
  • You do not have to be a first-time buyer.
  • The down payment can be a gift from family members, employers and non-profit organizations.
  • Down payment assistance programs are permitted, such as city first-time buyer housing programs.