| What are the maximun loan limits? |
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1 unit $275,000
2 units $310,300
3 units $377,000
4 units $435,000
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| How much is the down payment? |
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| 3% of the purchase price. |
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| Can the down payment be a gift? |
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| Yes. |
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| Aside from the down payment, do I need more money saved up? |
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| No. |
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| Can I get more than one FHA loan at any one time? |
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| No. |
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Can I get an FHA loan on a second (income property) home
if I do not currently have one for the home I live in? |
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| No, FHA loans must be owner occupied. |
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| What documents do I need when qualifying? |
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- copy of driver's license and social security card
- past 2 years W2's
- past 2 years tax returns (if self employed)
- most recent paystub
- 3 months of bank statements
- copy of retirement accounts
- documentation of any ofher assets (stock certificates, savings bonds, etc)
- bankruptcy papers, divorce papers (if applicable)
- utility bills, insurance payments (for insufficient credit)
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| Who can I contact to get over the phone pre-approval? |
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| Jerry Shapiro, President of RAMCO 310-202-9401 |
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| Does FHA have a web page? |
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| Yes, click here to be transported there. |
