What is the FHA Plus loan? Could I qualify

Sorry I haven't heard of such a program. Check out the my community program which is a conventional program that allows 3% down and a much lower monthly mortgage insurance premium than FHA and it is for first time home buyers.Good Luck!

You will have to contact a local mortgage broker and ask if he has any lenders who will participate in this program.. I have 21 different lenders here in AZ, and only 2 of them allow you to finance part of your down payment in a 2nd position loan. 698 Fico is within the acceptable rage of what is required for most lenders and it really doesn't matter how you make annually.. what matters is how much you spend.. Lenders have industry standards as to how much of your income will be allowed for monthly debt.. so it really comes down to your debt to income ratios.. (DTI).. contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

One more thing.. Under FHA you are required to put 3.5% down payment. This down payment can come form varying sources, but it must total at least 3.5%... the FHA Plus loan allows you to finance 2.5% of the required 3.5% into a 2nd mortgage, allowing you to come to the table with just 1% down.. Example.. your purchasing a home for $100K, you finance $96,500 first mortgage (plus FHA's UFMIP), and you have a 2nd mortgage for $2500. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Go to the Georgia Dream Homeownership Program website. There will be a list of lenders that participate in the GA down payment assistance program. You can only use lenders that have been approved by the state to do this. There are different lenders based on the county you want to purchase in. This is the only reliable source in GA for down payment assistance information.