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| WHAT DOES FHA HAVE FOR YOU? Buying a home? FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties. FHA loans have been helping people become homeowners since 1934. How do they do it? The Federal Housing Administration (FHA), which is part of HUD, insures the loan so you can get the best deal. Low down payments, Low closing costs, Easy credit qualifying Qualifying for a conventional mortgage loan can be hard to do if you do not have a lot of money for a down payment or even the best credit report. The best type of loan for you would be a FHA Loan. There are fewer restrictions for a FHA Loan Qualification as opposed to a standard mortgage loan. Here is a list of the FHA Loan Qualifications: You will need to have 2 years of steady employment... not necessarily by the same employer but it is preferred. Your income should be similar or increasing for the past 2 years. You should have less than two 30 day periods of late payments on your credit reports. If you have declared bankruptcy, then it must be at least 2 years old, and you will have to have good credit since then. Foreclosures will also need to be older than 3 years and have good credit since then. Mortgage payment should be about 30% of your gross income. Let FHA Loans Help You! No Initial Credit Check and No Obligation--Free Quote We're a trusted mortgage source as specialists in home mortgages for two decades! We win customer trust by always "going the extra mile" to earn your business. Invest 90 seconds in our short loan request form. You'll be glad you did! |
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