East West Mortgage's mortgage lenders provide borrowers with an FHA credit loan guideline to ensure they know specifically what the FHA loan is for. Federal Housing Administration simply guarantees loans but it does not provide loans. The purpose of the FHA loan is to expand homeownership and home buying to consumers.
An Ideal Solution
With the FHA loan program you will be able to purchase a home with low down payment and flexible guidelines; only a down payment as little as 3% of the purchase price of your home is required and the closing fee can be included in the loan. FHA loan program may be the ideal solution for you; if you are a consumer with shortage of down payment funds to buy a home or just a first time home buyer. Whether you are buying your first home, remodeling your current home, or fixing an investment property, FHA loan can help. For some people having less than perfect credit prevents them from acquiring a home loan, as for an FHA loan, it allows consumers to have minor past credit history as long as the explanation to the issue is valid.
Guidelines for an FHA Loan
Some requirements consumers should know about the FHA loan before you become qualified is: two years of steady employment, consistent or increasing on last two years income, your new mortgage payment should be approximately 30% of your gross income, credit report should typically have less than two thirty days late in the last two years. To qualify for the FHA home loan it is best for consumers to have a good credit history and an adequate income. Mortgage lenders would look at a consumer past two year credit history when they try to obtain a FHA bad credit loan. If what we listed in the guidelines fits you, then you may be qualified for a FHA loan.
Get started by simply giving us a call at our toll-free number at 1-800-880-4202, or visit us at our vibrant office located at 1604 Springhill Rd, Vienna, VA 22182. For more detailed information on FHA credit loan guidelines, be sure to check out the rest of our page.
