FHA vs. FHA-GSFA (Cal HF) vs. FHA-203k
All 3 FHA programs require Mortgage Insurance of 1.75% up-front plus a monthly MI premium, which varies.
FHA & FHA 203k have these features in common:
--Non-occupant Co-Borrower is allowed with 3.5% down.
--Don't have to be 1st time homebuyer.
--100% gift allowed.
--ratios up to 57%
--max loan amount $679,650.
FHA GSFA is different from the FHA & FHA 203k in that GSFA has these aspects:
--Must be 1st time homebuyer (1st time actually means not on title for at least the past 3yrs)
--Zero-down (100% financing) is available
--Income cannot be over 115% of Adjusted Median Income (AMI) for that county
--Max loan amount depends on the county
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