FHA Loans In Lee’s Summit
There are many different options for home loans, but if you’re a first time home buyer the best option may be a Lee’s Summit FHA Loan.
Lee’s Summit FHA loans feature no income limits, low down payment and are insured by the Federal Housing Administration. For some single-family homeowners, down payments may be as low as 3.5%.
Lee’s Summit FHA loans are a great option for a homebuyer who needs to finance their entire loan amount, or is looking for a lower down payment and closing costs than conventional loans.
Backed by the US Department of Housing, Lee’s Summit FHA loans offer an easier application and more flexible qualifications for those needing to secure a home loan.
You do not need to meet low-to-moderate income requirements to qualify for this government insured loan.
Here are the requirements to qualify for a Lee’s Summit FHA loan:
- Loan Amount: (Metro) 1 unit $308,200, 2 unit $394,550, 3 unit $476,900, 4 unit $592,700
- Loan Amount: (Non-Metro) 1 unit $275,650, 2 unit $352,925, 3 unit $426,600, 4 unit $530,125
- Terms: 1 – 30 Years
- Financing (Purchase): up to 96.5% of loan value
- Financing (Refinance): up to 97% of loan value
- Zero closing cost option
- Financing (Cash Out) Option: up to 85% of loan value
- No appraisal required (Streamlines and HUD homes)
- $100 cash investment program on purchase