FHA Home Loan Requirements [mortgageapproved.blogspot.com]
Current FHA 30 year fixed mortgage rates are at 3.125% and FHA 15 year fixed mortgage interest rates are at 2.625%. FHA 5/1 ARM loan rates are at 2.625%. FHA mortgages are available with loan limits up to $ 729750 depending on the area. Reaching all ... Mortgage Rates: Low Mortgage Rates Stable as Stocks Struggle To Hold Gains
503.698.5801 - GoNorthwestLoans.com FHA finally did something right ... they are reducing the mortgage-insurance cost for borrowers who qualify for a streamline refinance. If you or someone you know currently has an FHA loan in the mid 4's or higher, have them contact me now!
mortgageapproved.blogspot.com FHA Streamline Refinance mortgage insurance cost drops
Since 1930's, FHA loan programs were here, to fulfill the dream for some low-to-moderate income families to own a house of their own. Today, FHA loan programs have gained its popularity to a wider range of audiences, primarily because of its competitive rates and flexible credit requirements with averagely low down payment requirements which can be as low as 3.5%.
The FHA insures home loan mortgages. They are actually not lending any money to the borrowers. They solely provide the mortgage insurance to protect lenders against the risk of default on mortgages, thus making these loans more secured. A mortgage lender who works with the FHA possess a higher chance to approve your home loan application because they know that with the FHA protection, if the borrower default, FHA will cover the loss necessarily.
With this FHA insured loans, many potential home buyers are able to take advantage of the flexible credit terms which can be ranging from 5 years to 30 years.
The FHA guidelines for loan qualification are the most flexible of all mortgage loans.What are the basic requirements to get a FHA House loan?
- Earn a consistent income from a reliable source with a steady employment record for the last 2 years
- Free from Bankruptcy for at least the last 24 months
- Proven records of timely payment made on their previous debts for the last 12 - 24 months
- Proven records of income tax payment for the last 2 years
FHA loan is most suitable for these groups of people:
- One which have faced certain credit problem, and found it impossible to get any conventional loans to become a home-owner
- Fresh college graduate who has just started to work and don't have much down payment
- One who request for a more flexible credit terms such as those for 10, 20 or even 30 years of loan terms are available. Related FHA Home Loan Requirements Issues
