Top FHA Lender Offerings
Standard Purchase
If your borrower lacks great credit and has not been able to save for a big downpayment, then the FHA mortgage may be the perfect fit. Now with credit scores down to 500, your borrower could become an FHA homeowner today.
The RAC Advantage
RAC accepts Rent Free Letter
Manufactured home lending
580+ 96.5% financing; under 580 90% financing
RAC underwrites to the FHA guidelines. Absolutely no overlays, ever.
24-Hour Underwriting. Even as fast as Same-Day – in by noon EST, out by 6 P.M. EST
Choose your own AMC. Pick a RAC Approved AMC or simply bring your own.
Quick Closings. RAC is known as the Home of the 7-Day Close
FHA Loan Products
HUD $100 Down
Did you know that FHA & HUD offer special financing for home buyers that are purchasing HUD owned homes? The $100 down mortgage program is available to first-time home buyers and offers them the option of putting only $100 down for a home.
The RAC Advantage
$100 down payment
Can be used for stick-built homes, approved condos and manufactured homes
May qualify for up to $5,000 in repairs
FHA Loan Products
203b Refinance
Refinancing with an FHA loan can prove to be an effective way to put that equity to work. Keep in mind that FHA refinancing is only available to homeowners who are currently using their home as their principal residence.
The RAC Advantage
Cash Out Refi
Streamline Rate/Term Refi
Max LTV 97.75% Rate/Term | 85% Cash-Out
Cash out – No Limit to Debt Payoff
Single Family Residences and PUDs
FHA Loan Products
203h Program
Did you know the FHA offers a type of home loan specifically for those recovering from a disaster? The 203h program is available to any person whose home has been destroyed or severely damaged in a presidentially declared disaster area within one year of the President’s declaration of the disaster.
The RAC Advantage
Quick and simple refinance programs with limited documentation
Eligible features and transaction types include the following:
Purchases
Single Family Residences
PUDs
FHA Loan Products
Good Neighboor Next Door
Police officers, teachers, firefighters and emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD’s Good Neighbor Next Door Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home.
Eligible Single Family homes located in revitalization areas are listed exclusively for sale through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for seven days.
The RAC Advantage
50% off the list price
Down to 500 with No Overlays
$100 down payment
VA financing available
FHA Loan Products
W-2 Income Only Program
The FHA will accept W2’s in lieu of tax return and full transcripts.
Borrower Requirements:
W-2 income in the same line of work for recent 2 years
30 days of pay stubs required for this year’s income
Base income only (cannot use bonus or overtime income)
Two years of verified employment in the same line of work
60 days of bank statements
Provide signed 4506-t or 8821 for two previous years
Self-employed or claimed un-reimbursed expenses not eligible
