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FHA

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.
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