What is an FHA loan?
Among the options available for our clients is the Federal Housing Administration (FHA). As an approved FHA mortgage broker, we work with an FHA-approved wholesale lender to enable access to the FHA lending programs for our clients. FHA has several programs that can help homebuyers with limited credit or income including first-time homebuyers’ government-insured FHA home loans. FHA home loans are meant to reduce the barrier to entry for those who would like to buy a home or looking for refinancing by offering low down payments and flexibility in credit requirements. FHA insures home loans which are funded and serviced by HUD-approved banks, credit unions, and mortgage lending companies. As a mortgage brokerage firm that has dealt with this kind of financing for many years, we are well conversant with the requirements and can make the mortgage process quick, articulate, and simple.
Who can get an FHA loan?
To be considered for an FHA loan, you need to meet the following requirements:
- Must be aged 18 and over
- Have a valid social security number
- Have a steady employment history or have worked for the same employer for the last two years
- Should be able to afford a down payment of 3.5 % or 10 %
- Have a credit score above 580
- Have not been bankrupt at least in the last two years (however, there are exceptions based on the case)
- Have a debt-to-income ratio of 50% or less
- Have two established credit accounts (examples: a credit card and a car loan)
Benefits of an FHA loan:
- As low as 3.5% down (10% down based on your credit score)
- Financing for manufactured homes
- Multi-family up to four units, owner-occupied purchase and refinance
- Lender credits
- Streamline refinance
As a mortgage brokerage firm, we aim to connect our clients with mortgage lenders, assisting them with the mortgage process, making it easy to understand, simple and hassle-free. Whether you are buying a new home or are looking for refinancing, we will provide you with options from a reputable lender. Right from the qualification process to the paperwork up to closing the deal, we walk with you every step of the way, ensuring that you get the best experience as you embark on securing a mortgage. For all your FHA home loan needs, we will be with you to make the experience smooth and fruitful.