FHA House Loan
Having the opportunity to have home ownership is a big step in a person’s life, and the Federal Housing Administration (FHA) mortgage program will help secure a loan on a consumer’s home. FHA house loan program is dedicated to expanding homeownership and home buying opportunities through the Federal Government. Among first time home buyers FHA is one of the popular home loan programs that attracts first time homebuyers. The FHA house loan program is good for any of our consumers whether you are looking to remodeling your current home, or fixing an investment property.
FHA House Loan Qualifications
The Federal Housing Administration (FHA) has easy qualifications criteria's and low down payments. Our qualification requirements to obtain a FHA house loan is the 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. Some of the reasons that FHA will accept in order for you to obtain the loan is if you lost your job, had a job transfer, or has a serious illness.
Advantages of FHA House Loan
If you are a borrower with shortage of down payment funds to buy a home or just a first time home buyer, an FHA home loan may be the ideal solution for you. The FHA provides many great advantages for their consumers such as:
• 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.
If you are looking for a trusted mortgage loan provider, you have found us! Contact one of our knowledgeable mortgage lenders today to get started.
