With the help of the Lakeside Community Association Board of Directors and the property managers at PCM and my team here at work, I was able to assist in securing FHA approval for your Condos. We are still working on Lakeside II and Fairway Villas.
The FHA status improves not only your mortgage options, but also your home's marketability. Here are some key features of FHA loans.
- No income or credit for senior homeowners at least 62 ears of age who are obtaining a reverse mortgage.*
- Low fixed and adjustable interest rates
- Down-payments as low as 3.5%
- Gift for down[payment and closing costs allowed
- FHA-regulated closing costs
- Seller can credit up to 6% of sales priced towards buyers costs
- FHA will allow a home purchase two years after a Bankruptcy.
- FHA will allow a home purchase three years after a Foreclosure
- FHA will allow one day post-short sale for new purchase (with conditions)
- Less than two years on the job is allowed
- Self-employed individuals are allowed.
Please call me for more information and/or examples. I look forward to helping you better understand the benefits of the new FHA project approval.
* Reverse Mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. Family members are also strongly encourages to participate in these informative sessions. Call for more detailed program information. Credit approval required. This information is valid and current on the date of posting. Please call for updated information.
Deborah Nance
Your Local Southern California Reverse Mortgage Professional
