SunTrust
Mortgage Home About SunTrust Contact Us Locations Careers SiteMap
Apply For
Logon

   
FHA/VA
FHA Fixed Rate
VA Fixed Rate
FHA ARM
VA ARM
ARM Alternative
SunTrust FHA Bridal Registry
Site Index
Search
Contact Us
FHA fixed rate

FHA (Federal Housing Administration)-insured mortgages are in high demand because of the many advantages they hold for homebuyers and refinancers, among them assumability, low down payments and liberal qualifying ratios. Also, FHA borrowers do not have to meet maximum income qualifications, as with many other government programs. Maximum loan amounts, however, are set by region across the country.

FHA Program fills these needs:

Borrower Need Feature
Low Cash to Close Approximately 97% financing
Seller can contribute up to 6% of sales price to help with closing costs and prepaid items without affecting downpayment requirement
100% gift down payment -- relative or employer
Up-front Mortgage insurance can be financed
No cash reserves required after closing
Home Affordability Seller can pay the interest portion (up to 6%) of the borrower's mortgage payment for a specified number of months in some states
More lenient qualifying ratios
Will consider compensating income factors (i.e. room mate income)
Non-occupant co-borrowers eligible to help with qualifying
Alternative income sources must continue only 3 years
Easy Qualification No cash reserves required after closing
More lenient qualifying ratios
Child-care costs not considered in debt ratio
Alternative income sources must continue only 3 years
Convenience Apply online now!
Speed We underwrite our own FHA loans*
Alt Doc -- easier documentation requirements*
Special Advantage "Kiddie Condos" allowed - high loan-to-value loans for the purchase of condominiums meant to be used by children at college.
Assumable, with qualification of buyer
*SunTrust Advantage
Note: You may want to consider another product if:
Your down payment is 20% or more (mortgage insurance is required regardless of loan-to-value ratio.)
You need a higher loan amount than FHA allows

To see examples of monthly payment terms, view our APR Examples

©2008 SunTrust Banks, Inc. All rights reserved.
Equal Housing Lender  | APR Examples  | Licensing  | Privacy  | Security  | Mortgage Home 
srvc