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FHA Loan Requirements in 2014

When looking to qualify for a FHA loan, it is important to first inform yourself of the FHA's requirements. These requirements are subject to change every year, and it is important to keep up to date on these requirements to ensure that the terms of the loan are fully understood, along with understanding your likelihood of being approved.

For the year 2014 some changes were made to FHA loan requirements, namely loan limits. Loan limits will vary depending on the region in which the loan is being given, and loan limits will often fluctuate with the market. These limits are made in correlation with the median price of homes within an area, and lower income areas will have lower loan limits while higher income areas will have loan limits that allow for more expensive homes.

Down-payment requirements remain minimal and the minimum credit score is still only 500, so FHA remains aggressive for first time house buyers as well as existing homeowners looking to refinance with little equity and or a poor credit history. Start with a free loan quote now so you can compare rates and terms from multiple FHA lenders.

 

Get Approved with Eased FHA Requirements
Get Approved with Eased FHA Requirements

The down payments on FHA loans are often one of the most attractive features that draw prospective home buyers into using these loans to finance their homes. An average FHA loan given to a borrower with good credit will be as low as 3.5% of the total amount of the loan, making down payment and closing costs far more affordable than those found with traditional non FHA loans. These low down payment rates make the thought of home ownership a more financially feasible one for people who may not have the excess money for a standard home loan down payment. Down payment rates for non FHA loans can reach up to 20%, which will turn out to be $20,000 on a $100,000 home loan, an amount that would take many home buyers many months or longer to save up for. With a FHA loan having a 3.5% down payment rate, this down payment becomes a significantly smaller sum that is undoubtedly easier to pay.

FHA loans given in the year 2014 do have some requirements, and potential borrowers will often have to prove to lenders that they will be able to pay for their loan payments and living costs by submitting various financial documents. Although these loans are often given to those with poor credit or no credit, pay stubs, tax information, and banking records will still be required to determine if a borrower will be approved for the FHA home loan of their choice. If a person is deemed ineligible for a FHA home loan at a given time, they are then often encouraged to improve their financial situation and apply again once their credit has improved.

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