More information of FHA Home loans
The idea behind FHA loans, whether from KeyBank or any other banking institution, is to level the market and give people the opportunity for homeownership.
KeyBank's FHA mortgage is designed for those who do not have the funds to make a 20% down payment, have less income, need to meet fewer requirements and require greater payment flexibility.
To qualify for a Federal Housing Administration mortgage loan you will need a score of 620 with this bank and an employment history (show pay stubs and tax returns).
As for the home, you must be the primary occupant and the appraisal must be done by a HUD-certified appraiser to ensure that the property meets habitability standards.
Also, this loan does not require a reserve for a 1-2 unit property, you can receive third party assistance for the down payment and use up to 6% of the seller's taxes or prepayments for closing costs.
You have three choices in terms of financing percentage:
- 80% for cash-out refinances
- 96.5% for conventional purchases and refinances
- 97.75% for refinances with new terms.
The Key FHA mortgage is ideal if you qualify and lack the resources. This option is available from many banks, which you can review at your leisure in the Busconomic database.
There are other FHA loans to compare, such as the one offered by PNC Bank or US Bank's FHA mortgage loan.
Español: Préstamo FHA de KeyBank