FHA Loan
What is an FHA Loan?
FHA loans are a great option for those who have limited credit or income. They offer low down payments and flexibility in credit requirements. FHA mortgage brokers work with FHA-approved wholesale lenders so that clients (home buyers) may take advantage of the many programs offered by the Federal Housing Administration (FHA) such as first-time homeowners’ government-insured loan options.
FHA loans are funded and serviced by HUD-approved banks, credit unions, and mortgage lending companies. Our mortgage brokerage firm has dealt with this kind of financing for many years and we can make the process quick and simple.
Who can get an FHA loan?
To be considered for an FHA loan, you need to meet the following requirements:
- Must be aged 18 and over
- Have a valid social security number
- Have a steady employment history or have worked for the same employer for the last two years
- Should be able to afford a down payment of 3.5% or 10% terms ranging from 10 to 30 years.
- Have a credit score above 580
- Have not been bankrupt at least in the last two years (however, there are exceptions based on the case)
- Have a debt-to-income ratio of 50% or less
- Have two established credit accounts (examples: a credit card and a car loan)
Benefits of an FHA Loan
- As low as 3.5% down (10% down based on your credit score)
- Financing for manufactured homes
- Multi-family up to four units, owner-occupied purchase and refinance
- Lender Credits
- Streamline Refinance
As mortgage brokers, we are committed to easing the process of getting a home loan by connecting you with lenders that will provide solutions for your needs. From qualifying and paperwork all the way through closing on a new or refinanced house, our team is here for you every step of the way! We’ll be there as an expert guide in securing FHA loans too – lending advice at its finest!
