Only approved mortgage companies like Professional Mortgage Corp. can originate FHA Loans.

For purchase loans FHA will allow financing up to 96.5% of the lower of the sales price or appraised value.

For a "no-cash" out refinance FHA will insure loans up to 97.75% of the homes value, including closing costs and pre-paid items. No cash means to proceeds are to be used for financing of a first mortgage lien, seasoned subordinate liens, closing costs and pre-paid items.

You may obtain a cash out refinance for up to 85% of the homes appraised value.  Cash out may be used for most any purpose such as debt consolidation, home improvement, major purchases etc.

Although FHA loans are an attractive option first-time homeowners, the programs are available for "move up" buyers. Loan limits vary by counties and metropolitan areas.


Call your FHA expert at Professional Mortgage Corp.  804 344-LOAN (5626)

Professional Mortgage Corp. is locally owned and operated in Richmond, VA.

 

 

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