Posts Tagged ‘FHA’


Fha Loan Qualifications – Fha Housing Loans Are More Lenient Than Conventional!

by como ·

FHA home loans are by far the most popular mortgage loans available. FHA stands for Federal Housing Administration and is a government agency. These FHA home loans are generally loans that are funded by a federally qualified lender, but are insured by the Federal Housing Administration. Although a FHA Home Loan is easier to get than a conventional mortgage loan there are certain FHA Loan Qualifications.

FHA home loans are so popular because they will allow you to finance your home purchase with having much less than the traditional twenty percent down. You can have as little as three and a half percent. This really allows more people to be able to own their own home.

Once you have decided that this might be the way to finance your home purchase, you need to make sure you can meet the FHA loan qualifications.

Even though FHA home loans are the easiest type of loan to qualify for, you need to be able to meet these basic FHA loan qualifications.

1. The first FHA loan qualification is at least two years of consistent income. Most preferably from the same employer. Once you can prove your employment history, lenders also like to see that your last two years of income has at least stayed the same or even better if it has increased.

2. The next qualification is that your credit report should not have any more than two thirty day late payments in the last two years. Lenders would ideally like to so no late payments on your credit, but one or two will still be allowable.

3. Have a bankruptcy? Don’t worry, one of the FHA loan qualifications covers this area. If you have any bankruptcies on your credit, you might want to wait at least two years since it’s been discharged.

While you are waiting for your two years, you need to also show perfect credit since the bankruptcy too. As for previous foreclosures, lenders would like to see a minimum of three years of perfect credit since the foreclosure.

4. And lastly, your new mortgage payment shouldn’t be more than thirty percent of your gross income.

Those are the FHA loan qualifications on a very superficial level. Generally, these loans are the most popular because the FHA loan qualifications are so easy to meet. They are specifically designed for the average American that is really looking to purchase a home. They do not need to have ton of money down and you don’t have to have absolutely perfect credit to qualify.

So if you are looking to purchase a home and you are looking for a mortgage loan, your best chance is a FHA Home Loan because it is the FHA Loan Qualifications are more lenient than a conventional loan.


Avail FHA mortgage refinance with assistance of mortgage loan expert

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Home mortgage refinancing is a development that has caught the fancy of a number of home owners irrespective of their credit score ratings. It is witnessed that home owners with very good credit score rating can secure advantageous results from conventional mortgage loan refinancing while home owners with poor credit face problems in the process. Whatever is the credit circumstance of a property owner, what needs to be kept in brain prior to availing FHA Mortgage Refinance is whether the refinance is in fact needed or is just a trick to retain up with the developments. The very best time to opt for FHA home loan refinance is when the FHA refinance mortgage prices are at an all time reduced.

FHA property home loan refinance is usually advised to all property owners with negative credit as the probabilities of securing standard mortgage loan refinancing at very low rates is slightly significantly less as in contrast to FHA refinance home loan loans. Getting an FHA refinance property financial loan can also be helpful in the extended run as the individual will be capable to refinance once more with no any appraisal and no credit qualification. Availing Refinance FHA Loan will decrease the trouble even more as the requirement for paperwork will lower substantially and the man or woman will be capable to secure the FHA property mortgage refinance loan without getting to wait for a extended period of time.

If you wish to get advantage of this loan refinance, then there are many mortgage loan companies available that offer you assistance to obtain affordable loan that is best suitable to all your requirements and financial condition. All the assistance offered by these loan companies are carried out by their team of skilled and knowledgeable mortgage loan specialists, who posses years of expertise and knowledge in the field of mortgage loans and Hoboken Housing Market. The main objective of these companies is to fulfill each and every requirement of their clients related to housing finance and mortgage refinance in very effective and best manner possible.

The mortgage loan companies also offer assistance in Mortgages For Foreign Nationals, Non-warrantable Condo Projects and various other mortgage loans. So if you want to get assistance in obtaining mortgage loans, then what are you waiting for? Simply go through the internet and locate out the trustworthy and reliable mortgage loan company that goes well with all your specific needs, preferences and financial statement as well.