FHA Financing
FHA loans are helping many people realize their dreams of becoming homeowners. An FHA loan is a mortgage insured by the Federal Housing Administration (FHA). Certain criteria apply to qualify for an FHA loan.
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FHA loans are popular among first-time homebuyers or those who cannot do not have money for large down payments.
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Who qualifies for an FHA loan?
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Down payments of at least 3.5%, can be from your own funds, approved gift source, or grant program.
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A minimum credit score of at least 620
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Must have steady employment history for the past 2 years
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Must have a valid social security number, lawful residency in the U.S, and be at least 18 years of age.
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Typically, must be 2 years out of bankruptcy and have re-established good credit.
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Previous foreclosure _ must be 3 years from the date of the Sheriff's Sale.
FHA loan requirements as set by the Federal Housing Authority:
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FHA loans are only available for primary residence occupancy
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Borrowers must have a property appraisal from an FHA-approved appraiser.
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FHA loans require financing of Upfront Mortgage Insurance Premium (UFMIP). Included in your monthly mortgage payment.
Contact your loan officer to see which loan product best fits your individual needs!