Advantages of an FHA Home Loan Refinance or Purchase:
 | Pay as little as 3% of the purchase price for your down payment | |
| Down Payment & Closing Costs can be from Gifts or Borrowers | |
| Own Funds. | ||
| Problem Credit or Discharged Bankruptcy Accepted | |
| No Rental History Required | |
| Manufactured Homes and Condo's allowed | |
| Get Cash Out for Home Improvements, Vacations or College | |
| Lower your monthly payments | |
| Consolidate High Interest Credit Cards and Installment Loans | |
| Payoff outstanding judgments and tax liens | |
| Improve monthly cash flow | |
| Easy Qualification | |
| Possible Tax Advantages | |
Find out how to get approved for a fha home loan. To start, simply complete the quick on-line application form and we'll start working
right away to make your dream home a reality.... Complete this Form. Click Here
right away to make your dream home a reality.... Complete this Form. Click Here
FHA loans can be used for many different types of loans. Whether you are
buying your first home, fixing up an investment property, or remodeling your
current home, the FHA Home Loan program can help you. If your have some
bad credit or your credit is not perfect or you don't have much money for a
down payment then maybe an FHA Home Loan is right for you. An FHA
Loan is a mortgage that is insured by the Federal Housing Administration.
There are many factors involved in determining whether an FHA Loan is better
for you than a Conventional Loan. Contact us to speak with a loan officer to
help with this decision.
Since 1934 The Federal Housing Administration has been helping people to
become homeowners. Applying for an FHA home loan is no different than
applying for a standard home loan. To determine if an applicant will receive an
FHA home loan approval, lenders and the FHA require detailed personal and
financial information.
buying your first home, fixing up an investment property, or remodeling your
current home, the FHA Home Loan program can help you. If your have some
bad credit or your credit is not perfect or you don't have much money for a
down payment then maybe an FHA Home Loan is right for you. An FHA
Loan is a mortgage that is insured by the Federal Housing Administration.
There are many factors involved in determining whether an FHA Loan is better
for you than a Conventional Loan. Contact us to speak with a loan officer to
help with this decision.
Since 1934 The Federal Housing Administration has been helping people to
become homeowners. Applying for an FHA home loan is no different than
applying for a standard home loan. To determine if an applicant will receive an
FHA home loan approval, lenders and the FHA require detailed personal and
financial information.
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FHA Home Loans
We are not affiliated with any government agencies, including the VA, the FHA, or the HUD. For more, read the Fhahomeloanz.com Disclaimer.
- Lack or no credit history: To be eligible for a FHA loan you must have
at least two lines of credit, If a borrower does not have a minimum of 2 trade
lines on their credit report, alternative forms of credit may be used. This
would include items such as auto insurance payment history, utility bills,
etc.
Chapter 7 Bankruptcy: FHA requires a minimum of 2 years since the discharge of the bankruptcy. An explanation of the
bankruptcy will be required. Furthermore, the borrower should have re-established credit (i.e. secured credit card) with no late
payments.
Chapter 13 Bankruptcy: FHA will consider a borrower still paying on a Chapter 13 bankruptcy if the payments to the court have
been made for a minimum of 1 year in a satisfactory manner (as verified with the courts) and with the approval of the court trustee.
Federal Debts: A borrower is not eligible for a FHA loan if he/she is delinquent or in default on any federal debt (such as a HUD or
VA mortgage, student loans,SBA loans or a tax lien against his/her property). Borrowers can become eligible by bringing any
delinquent accounts current, making satisfactory repayment arrangements with the creditor (generally a 3 month history will be
required), or paying the account in full.
bankruptcy will be required. Furthermore, the borrower should have re-established credit (i.e. secured credit card) with no late
payments.
Chapter 13 Bankruptcy: FHA will consider a borrower still paying on a Chapter 13 bankruptcy if the payments to the court have
been made for a minimum of 1 year in a satisfactory manner (as verified with the courts) and with the approval of the court trustee.
Federal Debts: A borrower is not eligible for a FHA loan if he/she is delinquent or in default on any federal debt (such as a HUD or
VA mortgage, student loans,SBA loans or a tax lien against his/her property). Borrowers can become eligible by bringing any
delinquent accounts current, making satisfactory repayment arrangements with the creditor (generally a 3 month history will be
required), or paying the account in full.
Judgments: Judgments must be paid or have 12 months of arranged payment history
Collection Accounts: If you have collections you still may be eligible. Collections do not need to be paid, Letter of Explanation
will be required
Foreclosure: Require a minimum of three years since the completion of the action and the borrower must have re-established good
credit.
FHA Home Loan Credit Approval Guidelines
Here are some of the credit underwriting guidelines for FHA home loans:
FHA does not impose any minimum credit score requirement. But Some
lenders may have minimum score requirement to minimize the risk on some
problem loans. Fico score give some indication of borrowers credit history.
Most lenders require scores over 550 some may even go lower. Higher the
score the better terms borrowers can get on their loans. The borrower’s most
recent 2-year credit history will receive the closest scrutiny. The borrower’s
overall performance in paying debts as agreed will be evaluated.
Here are some of the credit underwriting guidelines for FHA home loans:
FHA does not impose any minimum credit score requirement. But Some
lenders may have minimum score requirement to minimize the risk on some
problem loans. Fico score give some indication of borrowers credit history.
Most lenders require scores over 550 some may even go lower. Higher the
score the better terms borrowers can get on their loans. The borrower’s most
recent 2-year credit history will receive the closest scrutiny. The borrower’s
overall performance in paying debts as agreed will be evaluated.