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FHA Loan in Georgetown County, SC


 

Federal Housing Administration

The FHA loan program is one of the most popular mortgage programs in the United States. The Federal Housing Administration (FHA) does not lend money, but insures loans made through FHA-approved lenders, which reduces their risk if the borrower defaults. This allows lenders to provide loans to borrowers who would otherwise not qualify, including those with average credit or low to middle income.

Following a great deal of defaults and foreclosures, the FHA mortgage program was put in place in the 1930s to offer mortgage lenders insurance against their risk and make home loans more affordable and accessible in Georgetown County, SC.

Apply for FHA loan - Mortgage Investors Group

Benefits of FHA Loans in Georgetown County, SC


 

There are many reasons to consider an FHA mortgage:

  • Down payment as low as 3.5 percent
  • Down payment and closing-cost money can be gifted from a family member
  • FHA loans are easier to get after bankruptcy or foreclosure than a conventional loan
  • Easier to qualify with underwriting that focuses on job security, employment and income
  • No prepayment penalty
  • Closing costs can be rolled into your loan
  • FHA loans are assumable, which may be a positive selling point in the future
  • FHA loans are good for good credit/income borrowers who don’t have liquid funds for down payment
Benefits of FHA loans - Mortgage Investors Group

Upfront Mortgage Insurance Premium (MIP)

The upfront MIP requires a premium of 1.75 percent of the purchase price. This will be $5,250 on a $300,000 loan.

Annual MIP

This is charged monthly and depends on your loan-to-value ratio and terms. It can range from 0.45 percent to 1.35 percent of the purchase price. Loans with a longer term, and a loan that is less than $625,000, have the highest annual premium.

FHA loan requirements - Mortgage Investors Group

FHA Loan Requirements in Georgetown County, SC

Not sure if you qualify for an FHA mortgage? The good news is that standards are looser than a conventional loan.


 
  • Stable employment history (in same industry) or the same employer for a minimum of two years
  • Down payment of at least 3.5 percent *Can be gifted
  • Home must be a primary residence
  • Property appraisal conducted by an FHA-approved appraiser
  • Front-end ratio of less than 31 percent of gross monthly income. This includes mortgage payment, homeowners insurance, property taxes and HOA fees.
  • Back-end ratio of less than 43 percent. This includes your mortgage payment, along with monthly debt obligations
  • Minimum credit score of 640 *Lenders may require a higher FICO score
  • Must be at least three years past foreclosure or two years out of bankruptcy, if applicable
MIP Georgetown County, SC

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Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:
  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020