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Last update: 10/21/14

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Community Banks Offer FHA Home Financing Options

FHA Flexibility Benefits Community Bank Customers

Washington, D.C. (June 20, 2008)—June is National Homeownership Month and the nearly 5,000 members of the Independent Community Bankers of America (ICBA) and [INSERT LOCAL BANK NAME] are calling attention to the range of mortgage products community banks offer, including the Federal Housing Administration’s housing finance programs as one practical option for borrowers seeking to finance their house purchase or refinance an existing mortgage.

“The FHA program can help some borrowers who may have difficulty obtaining or refinancing a mortgage due to the current mortgage environment,” said [INSERT LOCAL BANKER’S NAME, TITLE], [INSERT BANK NAME]. “With low down payments, temporarily higher loan limits and other underwriting flexibility, FHA mortgages help us help our customers.”

Prompted by uncertainty in the housing market, the federal government is offering borrowers greater flexibility when using FHA financing and there are significant benefits associated with obtaining an FHA mortgage. Among these are:

  • Current and temporary FHA loan limits range from $271,050 to $729,750
  • Lower down payment requirements.
  • More flexible total debt and housing debt to income ratios.
  • No reserve requirements for single unit properties.
  • Lower monthly mortgage insurance premiums compared with the conventional conforming market.
  • Acceptance of limited or non-traditional credit history.
  • No minimum or credit score needed.
  • Third parties can pay for closing costs, prepaids and escrow.
  • Down payment assistance and secondary financing allowed.
  • Non-occupant, co-borrowers permitted.

“For FHA financing, check with your local common sense community bank lender. We’ll work with you to find the mortgage the mortgage that is right for you,” said [INSERT LOCAL BANKER’S NAME].

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