Advantages of Getting A FHA Mortgage

• Only 3.5% down payment which may include closing cost
• Down payment and closing costs may be gifted from relative or employer
• Higher qualifying ratios
• Higher loan to value ratio
• Cash out refinance up to 85% LTV
• Can have a non-occupant co-borrower ( immediate family or established relationship)
• Upfront MIP(mortgage insurance premium)  can be financed
• No pre-payment penalties
• Maximum LTV on a no cash out refinance approx 97.75%
• Seller may pay up to 6% if stated in Sales Contract