Helpful FHA Tips and Information

This was passed to me by a lender, and it’s got some helpful tidbits on FHA.





Here are some helpful information about FHA loans:


If the borrower is able to deposit their gift funds from an immediate family member before the actual application date, once the offer is accepted then the

lender does not require the complete  paper trail requirement, which makes it more convenient for the buyer . The lender will require an executed gift fund letter only.


If you have two borrowers and one borrower does not have any credit score, a FHA loan will accept this, as long as the other borrower has a minimum 620 credit score

**If you have a borrower that has valid credit scores then most lenders (not all) will require a minimum 620 credit score


Energy Efficient Mortgage

*The cost of energy efficient improvements that may eligible for financing into the mortgage is the greater of 5% of the sale price (not to exceed $8,000), or $4,000

This is a great incentive for FHA buyers and a lot of people are not taking advantage of this great feature


If you have a buyer that is interested in a HUD listed home the down payment requirement is only $100


Also, there is a HUD listed properties called property disposition, which investors can actually make an offer on; however, the down payment requirement is 15% - 20%

Click on the link for more information:


Good Neighbor Next Door is another great loan program that only requires a $100 down payment and it has a few other really attractive incentives

Click on the link for more information:


If someone has a foreclosure, or a short sale most lenders will require a three year waiting period before they can get financing (must have good re-established credit and

no derogatory accounts in the past 12 months)


You can finance up to $729,950 loan amount with, as little as 3.5% down for a high balance loan amount.  Ideal, for a borrower that qualifies for a higher loan amount, but

does not have the appropriate funds for a 10% down payment, which most conventional financing require on a high balance loan amount


Please let me know, if you have any questions. I am here to help! My office number is 510.494.7840 ext.37.




Nelva Samiee


Real Estate Loan Consultant

Diversified Mortgage Group