getting started: fha loan requirements
Post on 12-Apr-2017
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G e t t i n g S t a r t e d :F H A L O A N R E Q U I R E M E N T S
B L O G . F H A . C O
L O A N L I M I T S
FHA loans are offered on less expensive properties.
Because of this, there are loan limits set, depending
on the area.
That means the property you can get a loan for
should not go over the loan limit set in your state.
I N T E R E S T R A T E S
FHA loan interest ratesare at an average of 3.25%.
Types of Mortgage InterestFHA Fixed Rate MortgageFHA Adjustable Rate Mortgage
F H A C R E D I TR E Q U I R E M E N T S
If you have a notsopleasing credit score, FHA loans could be your best
option.
While conventional mortgage loans require a credit score of at least 700,
the acceptable score for FHA loans is 580.
This makes it possible for those with bad credit to still get qualified for a
mortgage loan.
D O W N P A Y M E N T
With FHA loans, downpayments can be as
low as 3.5%, making itmore affordable.
D E B T T OI N C O M E R A T I O S
For FHA home loans, the DTI should be less than50% to get approved.
So for example, if your monthly income is $4000,in order to qualify for an FHA loan, less than$2000 should go towards monthly recurringpayments.
E L I G I B L EP R O P E R T I E S
The property should be where you intend to reside in as yourprimary home. The home should also pass the safety inspection, also calledan FHA appraisal. It should be functional — no brokenwindows, safe staircases, and working kitchen among others.
c l i c k h e r e t o l e a r n m o r e
INFORMATION ORIGINALLY PUBLISHED APR/13/2016
SECURE.FHA.CO
I N F O R M A T I O N P R O V I D E D B Y :J U S T I N M C H O O D
He is Americas Mortgage Commentator and hasbeen providing Mortgage commentary for over10 years.
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