FHA Abatement Program For Primary Home Purchases

Would you or your borrower like to keep extra cash monthly? The home seller or builder may pay up to 6% in closing costs which can allow enough $ to pay for 3-6 months of your interest payment on the new mortgage. Borrower would pay the principal (which is a very small amount at the beginning of the loan) and the escrows and that is all each month. For example on a $150,000 loan:

$144,750 Loan Amount with 3.5% down (could be a gift*)

$ 9000 seller can pay in closing costs - max 6%

$ 5000 actual closing costs (estimate) & possible buydown

$ 4000 toward monthly payments of $821.87 of which $663.44 is the interest and $158.44 is the principal. Seller would pay $663.44 which x 6 payments = $3980.64.

*Gifts can be from family members and other sources. Call for information.


Elagene Trostle
Sr. Mortgage Consultant
Fairway Independent Mortgage Corp
843-338-9017 Cell
843-342-3900 x8 Office
877-342-3900 x8 Toll-Free
ET@TrostleTeam.com