TOWNHOUSE FHA MORTGAGE LENDERS ALLOW MINIMAL DOWN PAYMENT AND CLOSING FEES:

  • Down payment only 3.5% of the purchase price.
  • Gifts from family or FHA Grants for down payment assistance and closing costs OK!
  • Sellers can credit the buyer’s up to 6% of sales price towards buyers costs and pre-paid.
  • No reserves or future payments in account required.
  • FHA regulated closing costs.

TOWNHOUSE FHA MORTGAGE LENDERS ALLOW EASIER QUALIFYING BECAUSE YOU CAN PURCHASE:

  • 12 months after a chapter 13 Bankruptcy FHA mortgage Lender approvals!
  • 24 months after a chapter 7 Bankruptcy FHA mortgage Lender approvals!
  • 3 years after a Foreclosure FHA mortgage Lender approvals!
  • No Credit Score FHA mortgage Lender approvals!
  • 580 required for 96.5% financing or 3.5% down payment FHA mortgage Lender approvals.
  • 500 required for 90% financing or 10% down payment FHA mortgage Lender approvals.
  • Bad Credit with minimum 500 FICO credit score with 10% Down Payment FHA. For FHA mortgage applicants with credit scores between 500 and 579 must make down payments of at least 10% down!
  • Read more about FHA Qualifying Qualification Summary – Manual Underwrite – Collections-Judgement’s – Bankruptcy or Foreclosure – Compensating Factors –

TOWNHOUSE FHA MORTGAGE LENDERS ALLOW ALLOW HIGHER DEBT TO INCOME & EASIER JOB QUALIFYING

ABOUT FHA TOWN HOME APPROVALS – Town homes, from many perspectives are much closer to what you would get when you purchase a single family home, as opposed to a condominium. In a town home you own the land under the home upon which your town home sits. You may have a homeowners association, as with a single family home and you will pay for your own homeowner’s insurance.

In a town home, you will have a split lot line that follows the interior wall of your unit that meets your neighbor. The outer boundary will be marked similar to a single family home. You can check the legal description, if marked as a lot and block in county records to tell for sure if you own the single unit and you will qualify for an FHA mortgage.