FHA Home Loan Requirements
Sometimes requirements are high when you are trying to obtain a mortgage loan. East West Mortgage understands and has dealt with much different type of consumers so we make it simple as possible. With the Federal Housing Administration (FHA) mortgage loan, it has easy requirements that will leave consumers at ease. Our guideline requirements for a FHA home loan is that borrower needs to have: 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.
Benefits of FHA Home Loan
This loan is great for consumers who are looking to buy their first home, remodel their current home or fix an investment property. Along with it are the different types of FHA home loan that can be used for your home ownership; a home improvement loan, refinance mortgage loan, 203k loan and much more. With the FHA home loan program you will be able to purchase a home with low down payment and flexible guidelines. Borrowers achieve many great benefits from the following listed: less than 3% of sales price, 100% financing options is available, no reserves is required, seller can credit up to 6% of sales price towards buyers costs.
We look forward to working with you and your family. East West Mortgage is dedicated in helping resolve any mortgage situations you may have. Contact one of our mortgage loan officers today to get started.
