What do you need to qualify for a FHA mortgage loan?
The U.S. government continues to guarantee some of the most aggressive FHA home financing for people with a wide range of credit scores. Qualified borrowers need the following to meet the guidelines for a FHA mortgage:
1. It is important that you establish credit. Underwriters are looking for borrowers that can show a pattern of a consumer paying their bills on time.
2. You must be able to demonstrate your ability to make your monthly loan payment by means of employment. FHA does not offer stated income loans.
3. Save your money! Borrowers need to be able to come up with the 3.5% down-payment requirement. For example if you buy a $200,000 house you will need at least $7,000 for the down-payment on a FHA home loan.
While there are many companies that originate home loans insured by the Federal Housing Administration, we are the FHA lender with the experience you need to feel confident as a first time home buyer. We offer government home loans in all 50 states. FHA loan rates just declined to a 60 year low, so stop waiting and talk to one of our FHA approved loan officers today.
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