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As long as you credit qualify, you can have access to this incredible option. This is an FHA product and follows the traditional FHA guidelines for qualification. That means you no longer need to be below 80% of the area median income, you can have as much money put away for renovations (or a rainy day), and as long as you’re buying a home and the payment fits the required debt to income ratio, you can utilize this option.
This does come with a slightly higher interest rate, so it isn’t the right option for everybody, but it’s a fantastic option to utilize. I’ve seen so many homeowners move in and immediately have a project that they wish they'd saved their money for.
As long as you credit qualify, you can have access to this incredible option. This is an FHA product and follows the traditional FHA guidelines for qualification. That means you no longer need to be below 80% of the area median income, you can have as much money put away for renovations (or a rainy day), and as long as you’re buying a home and the payment fits the required debt to income ratio, you can utilize this option.
This does come with a slightly higher interest rate, so it isn’t the right option for everybody, but it’s a fantastic option to utilize. I’ve seen so many homeowners move in and immediately have a project that they wish they'd saved their money for.