FHA Home Loans

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FHA Home Loans

Approximately 40% of all home loans in the US are through the…

In a matter of days we were approved for an FHA loan

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Approximately 40% of all home loans in the US are through the Federal Housing Administration (FHA). FHA Loans are some of the easiest types of mortgage loans to qualify for because they require a low down payment and the borrower can have less-than-perfect credit.

2018 FHA Loan Requirements:

500 to 579 FICO score requirement* and 10% down payment
OR
580 or above FICO score requirement with least a 3.5% downpayment
An appraisal must be done by an FHA approved appraiser
Mortgage insurance (MIP) usually around 0.85 percent of the loan amount annually
Steady employment with proven income with recent tax returns, W2’s, and paycheck stubs
Two years of employment at the same company
Must occupy the home as primary residence
At least 18 years of age

FHA Loan Advantages:

They are very popular for first-time home buyers because of their flexible qualifying guidelines and low down payments
Borrowers with credit scores as low as 500 can qualify for an FHA loan
Lower income borrowers are able to get approved for a home loan through the FHA due to the FHA allowing lenders more flexibility on debt to income ratios than conventional mortgages
Lower interest rates when compared with conventional loans, which can result in large net savings over the lifetime of a loan

Disadvantages: