FHA Mortgage Loans at BFR

BFR’s expansive list of products includes the full suite of FHA mortgage products. We will go over some of the benefits to an FHA loan and how this product compares to conventional (Fannie Mae & Freddie Mac) loans

What is an FHA Mortgage?

An FHA mortgage is a loan insured by the Federal Housing Administration (FHA). FHA offers a variety of loan programs including VA, Reverse, and 203K mortgages. These loan programs are generally designed for low-to-moderate income borrowers. Also, FHA loans frequently require a lower minimum down payments and credit scores than many conventional loans.

Why BFR is an FHA Specialist

• Manual Underwriting Allowed
• DTI per AUS approval
• “No Credit Score” program for SFR Purchase Only – up to 96.5% LTV
• Credit scores down to 580 allowed with either AUS approval or Manual Underwriting:
• 96.5% LTV for Purchase
• 97.75% for Rate/Term Refinance
• 85% LTV for Cash out Refinance
• FHA Down Payment Assistance Programs
• 620 Minimum Score
• Non-Repayable Grant of 3% or 4% of the First Mortgage Loan Amount
• Want to use your own DPA? Unlimited CLTV is applicable to Governmental Entities or HUD Approved Nonprofits with a 640 score
• $100 Down for HUD REO
• Manufactured Homes allowed with minimum 620 credit score; AUS Approval or Manual Underwriting

Here are some of our other Government-insured program highlights:

• FHA Fixed and ARMs
• FICO scoring to 600 for Purchase
• Streamline Refis now allowed on Second Homes and Investment Properties
• VA Fixed and ARMs
• NO AVM Required except on Manufactured Homes
• Cash-in-hand to $100,000 for LTVs between 90%-100%
• Maximum loan amount has been increased from $1 to $1.5 million
• IRRRLs allowed on second homes and Investment properties
• USDA Rural Housing
• Purchase Rate/Term Refinance

Find out more about FHA mortgages by calling us at 212-933-0157 or filling out the contact form below!