An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA).
Offers a less stringent qualification and credit requirements.
- Down payment or home equity less than 20%.
- Sellers are also allowed to contribute a portion of the sale proceeds to closing costs.
- People with a bankruptcy more than two years old may often qualify for a loan. These loans also allow higher debt-to-income ratios.
- Two Years of steady employment, preferably with same employer.
- Last two years Income should be the same or increasing.
- Credit report should typically have less than two thirty days later in last two years with a minimum credit score of 640 or higher.
- Bankruptcies must be at least two years old, with perfect credit since discharge.
- Foreclosures must be at least three years old, with perfect credit since.
- Credit scores as low as 580 may qualify.
- Refinance up to 97.75% of your primary home’s value.
- Buy a home with as little as 3.5% down (primary home).
- Your actual payment will vary based on your situation and the current interest rates when you apply.
- Pay off your mortgage at any time without pre-payment penalties.
- 30 and 15 year terms are all available with fixed rates.
The payment on a $200,000 FHA Loan at 3.25% and 96.5% loan-to-value (LTV) is $885.64 with no points due at closing. The Annual Percentage Rate (APR) is 4.719%.
- Payment does not include taxes and insurance premiums.
- Rates are subject to change without prior notice.
- Loan information is informational purposes only and is not an offer to make a loan.