Guidelines for FHA: Purchase transactions, Streamlines, and Cash-out

Purchase Transactions - Down Payment requirement 3.5% of Purchase Price. Can Be gifted funds, Up to 4 unit Properties Allowed, Credit Scores from 540. Current Rent History may be required (cancelled checks or Mgmt Co Verification) Must Be Owner Occupied.

Streamline Refinances - If You are currently in an FHA LOAN, we can refinance you to a lower rate, lower monthly payment. No Income Verification. In Most cases you bring next month's payment to the closing table and skip a months payment as well. This refinance can happen every 4 months as rates decrease. In Most Cases Credit score doesn't matter, loan is based on mortgage history only(up to 97.75% of property value)

CashOut Refinances - Up to 95% of property value. May be used for bill consolidation, home improvement, etc. Credit Scores from 540. Two Appraisals required.

Conventional Loans - The interest rate of the loan will remain fixed over the life of the loan. This means the principal and interest payment will remain constant.

Jumbo Loans - The interest rate of the loan will remain fixed over the life of the loan. This means the principal and interest payment will remain constant. Loan amounts start at $417,000 and go up to 1 million dollars.

Adjustable rate (ARM) loans - The interest rate of the loan will remain fixed for a set period, usually 1, 3. 5, or 7 years, and then will be adjusted at a fixed interval, usually annually. The interest will be tied to an index plus a fixed margin. There will be a maximum interest rate annual increase (or decrease) and a maximum interest rate increase (or decrease) over the life of the loan.

Second Mortgages/Home Equity Loans -Premium Mortgage can tailor a program to fit your individual needs. Please call us at (215) 396-9370 or E-Mail us to discuss what you are looking for.