St. Louis Mortgage Network - James Thomas
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James Thomas314-692-0444 - Ext. 207 jthomas@falinc.com Apply online, or call anytime! 2388 Schuetz Rd. Suite B-63 Maryland Heights MO. 63146 
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203K FHA Mortgage This is a loan which carries a second mortgage for up to 15% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts down a 5% down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/10. |