FHA Loans in Washington State
What is the purpose of the HUD FHA 203b program?
To provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD.
What are the eligibility requirements?
The borrower must meet standard FHA credit qualifications.
The borrower is eligible for approximately 96.5% financing. The borrower is able to finance the upfront mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
Eligible properties are one-to-four unit structures.
Find out how much you can pre-qualify for and what your monthly payment will be by clicking here.
In many cases, when you purchase a home, you can ask for the seller to pay some or all of the closing costs. This way all you need is the app., 3.5% down payment.
To learn more about the mortgage limits in your area, go here.
If you live in some rural areas you may qualify for a USDA mortgage, which will allow you to purchase a home with zero down payment. To find out what areas are USDA approved click here.
