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FHA Mortgage

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FHA Mortgage

An FHA loan usually requires the lowest down payment when purchasing a home, only 3.5% of the sales price. It also allows for lower scores than conventional loans, usually down to a 580. You may be able to roll your closing costs in to your loan. The home must be the borrower's primary residence. FHA is often the best loan program for first time home buyers. If you already have an FHA loan, you can refinance with FHA Streamline to lower your interest rate.

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Are you considering purchasing a new home with an FHA mortgage loan? FHA mortgages are an excellent option for homeowners who have struggled with past credit issues or lack the necessary down payment to purchase a home. Here are the basic requirements for getting your FHA mortgage application approved.

FHA Mortgage Requirements

The requirements for getting your FHA home loan approved are not that much different than getting approved for a conventional home mortgage. You will be required to document sufficient income to repay the loan, must have an acceptable debt ratio based on the income you document and meet the minimum FHA requirements for credit score and down payment.

Are you self employed or have investment income that is not easily documented? Stated income loans are making a comeback following the financial crisis and there are exciting new low doc and bank statement programs that can get you the loan approval you need if you have trouble documenting your income. Contact one of our loan specialists today for more information about these programs.

Credit Score Requirements for FHA Loans

There is a minimum credit score to be approved for any FHA home loan. In addition to getting your loan approved, your credit score affects the interest rate you receive on your loan. The lower your score, the higher your rate. There are steps that every homebuyer should take before applying for an FHA loan to ensure you’re getting the interest rate you deserve.

For starters, check your credit reports and make sure they are error free. Paying down the balances on your credit cards can significantly improve your score. Finally, make sure you’re making all your payments on time. Making payments late will significantly lower your score.

The minimum credit score for getting approved for an FHA home loan is 580. If your credit score is less than 580 your required down payment amount will be 10 percent. If you can get your credit score over 620 that requirement goes down to 3.5 percent. Again, these are just the credit score requirements for FHA loan approval. The lower your credit score when you are approved the higher your interest rate and monthly payment will be. There is a direct correlation between your credit history and how much you pay for your home mortgage.

Do you need help making sense of your credit reports and score? Dedicated loan specialists are standing by to help you with every step of your FHA loan application. Contact us today for personalized assistance to get you on the right path to homeownership.

FHA Mortgage Insurance

The Federal Housing Administration is not a mortgage lender. What the government does is guarantee your FHA home loan against default. This means if you go into foreclosure because you’re unable to make your mortgage payments the lender is insured against certain losses. 

When you are approved for an FHA home loan you will be required to purchase mortgage insurance upfront and as part of your monthly payment amount. It is this FHA insurance that keeps the program solvent and mitigates the higher risk from borrowers with low down payments and credit scores.

The down side of paying for mortgage insurance is that it does nothing to protect you as a borrower and you are required to pay the premiums. These FHA premiums drive up your mortgage payment amount making it more important that you get approved for the lowest fixed or adjustable interest rate possible.

Don’t worry if you’re confused with how interest rates and term length affect your payments. Loan specialists are standing by to help you choose the best options like a 15 or 30 year term length for your FHA loan for meeting your financial goals. Contact us today for immediate, personalized assistance.

Leveraging Your FHA Home Loan to Meet Your Goals

If you’re in the process of rebuilding your credit, nothing helps improve your score like making a mortgage payment on time every month. When your credit score improves enough you might be able to take advantage of FHA streamline refinancing to get a better interest rate and lower your monthly payment.

FHA streamline refinancing greatly reduces the amount of paperwork, documentation and processing time needed to refinance an FHA home loan. Just make sure you’re avoiding late payments on your mortgage loan and credit cards.

Comparison Shopping for the Best Deal

You might think that because FHA home loans are through the government you don’t need to shop around for a better deal. This couldn’t be further from the truth. Mortgage rates and fees vary widely from one lender to the next. The Department of Housing and Urban Development recently stated that comparing quotes from three mortgage lenders can save the average homeowner $3,000 over the life of the loan.

Don’t let comparison shopping intimidate you. Help is available finding the best FHA home loan for your situation. If you need help choosing the right term length and interest rate type to meet your financial goals loan specialists are standing by to assist you. Let us help you get on the right path to home ownership and financial success with your FHA home loan.