A Federally Insured Loan

Insured by the Federal Housing Administration (FHA), this loan offers flexible down payment, income and credit qualifications. The loan requires a low down payment or equity and is available with either a fixed rate or adjustable rate option.

Features of This Loan

• Low, 3.5% down payment requirement on a purchase loan
• As little as 2.25% equity on a refinance of your current mortgage
• Refinance and pull cash equity from your home up to 85% of your home’s value
• Flexible credit guidelines
• Seller able to pay much of closing and prepaid costs
• Down payment and closing and prepaid costs may be paid funded by a gift from a relative or a qualified non-profit grant
• May qualify for a streamlined refinance with no appraisal required
• Ability to buy up to a 4-unit property to live in one unit and rent the others
• No income limitations

Consideration Points for Borrowers

• Little savings or little equity
• Less than perfect credit
• Need a non-occupying co-borrower
• Beginners rental property
• Alternative to a USDA Loan for properties not located in a USDA-eligible rural area
• Currently have an FHA Loan and wish to refinance

For more information, give Foote Capital Mortgage Company a call at (717) 249-7500. Our expert mortgage advisors are ready to answer your questions and would love to work with you!