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Are you looking for help to get qualified for a low rate FHA mortgage today? Learn more about your eligibility, requirements and the latest lending guidelines. Pre-qualify for a low fixed rate government mortgage. There is no risk or cost to apply for a FHA loan online. Whether you need a refinance or home purchase mortgage, the FHA home loan company can help you lock into a great FHA loan today. FHA loan application volumes look to pick up momentum in 2014 as the local housing in many neighborhoods across the states began to recover.
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What You Should Know Before Applying For a FHA Loan
When applying for a FHA loan, there are a few things that prospective homebuyers should make themselves aware of. First, FHA loans will often change their terms, limits, and MIP amounts from year to year, and it is best for a person to keep themselves up to date with all terms and conditions changes before applying for a FHA loan. These loan amounts and terms will often vary from region to region, and it is best for the person looking to apply for the loan to research all changes in the region they are looking to purchase a home in.
One of the most important factors to keep up to date on are loan limits, and these limits are price limits in which the FHA is willing to back with a mortgage. This means that if the home a person is looking to purchase exceeds the FHA loan limit in price for that region, that person will not qualify for a FHA loan on the home. These loan limits are determined by the median home prices in different regions across the United States, and they are subject to change year by year.
Also, a person should research the closing costs on their desired home, and if any of those costs will be covered by the builder, lender, or seller before applying for a FHA loan. Some FHA approved lenders will, however, raise rates if they agree to cover some of the closing costs incurred when buying a home, so it is always best to get to know a lender's terms and conditions before agreeing to have the closing costs covered.
Also, it is best to know if a person may pre-qualify for a FHA loan before applying. Pre-qualifying for a FHA loan is relatively easy in the world of home loans, and if a person meets the following conditions they will most likely pre-qualify for a FHA home loan:
Steady employment history
Consistent income or increasing income
Good credit score
Mortgage payment is around 30% of gross monthly income
FHA loans are known to be some of the most flexible loans in terms of qualification conditions, and it is always best for any person looking to apply for a FHA loan to determine if they may pre-qualify. As long as a person can meet the aforementioned criteria, he or she should feel confident that they will be pre-qualified for a loan by their FHA approved lender.