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  • Low down payment – as little as 3.5%
  • Amortization period as long as 30 years.
  • Typically higher qualifying ratios than conventional financing.
  • More liberal underwriting criteria than conventional financing.
  • Automated underwriting is available for this product
  • Loan may be assumable to new buyer when customer sells their home
  • Interest May Be Tax Deductible


  • Allows the customer to purchase a home with less money at closing. Gift funds allowed for cash to close.
  • Keeps monthly payment low and allows customers to stay in their house long term without rate adjustments.
  • Allows the customer to qualify for more.
  • Allows the customer to obtain financing if they have more unique credit, employment and/or asset situations.
  • Allows customer to obtain faster loan approval.
  • If rates rise after they purchase their home with FHA financing, the assumable financing at a lower than market rate makes their home more attractive to potential buyers when they choose to sell their home at a later date.
  • Depending on customers tax situation, the interest paid on this loan may be tax deductible saving them even more money. Please recommend they discuss this with their accountant.

Who does this product benefit?

  • Customers that are first time homebuyers.
  • Customers with a higher debt ratio.
  • Customers that need to use alternative credit to establish a credit history.
  • Customers with less than perfect credit, FHA tends to be more lenient.
  • Customers that are getting a gift for their source of funds to close.
  • Customers that need a quick pre-approval.
  • Customers using down payment assistance and/or grant money. Non-occupant co-borrower.
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