FHA LOANS
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FHA loans are mortgages issued by approved lenders and insured by the Federal Housing Authority. FHA home loan terms differ depending on the program. The terms available through FHA loan programs can be attractive to borrowers who can't afford large down payments or even qualify for conventional mortgages. These loans are designed to help low to moderate income borrowers and those with lower credit score.
Below are the requirements to apply for FHA loan:
- Credit score: 500 or above
- Down payment: 3.5% of the purchase price
- Residence type: Must be your primary residence
- Appraisal: Needs to be appraised by an FHA-approved appraiser
- Inspection: Has to be inspected to ensure it meets minimum eligibility standards
- LTV ratio: Max of 96.5% if your credit score is 580 or more; 90% if your score is under 580
The following documentations will be required to apply:
- A credit report
Employment history for two years - Income verification with recent pay stubs, bank statements and/or three years of tax returns
- Proof that you are using the loan for a primary residence
- An FHA-approved appraisal
An FHA loan is ideal for:
- First-time homebuyers who can’t afford a large down payment
- People who are rebuilding their credit
- Seniors who need to convert equity in their homes to cash
Take the first step towards homeownership - schedule your appointment with Our Community Mortgage today!
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Our Community Mortgage PRIVACY POLICY NMLS CONSUMER ACCESS © 2022. All Rights Reserved. (602) 545-7797 NMLS ID 2445453 Equal Housing Lender. Cost and fees may vary. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend. Our Community Mortgage LLC, . All loans subject to credit approval and secured by real estate. www.nmlsconsumeraccess.org | Licensed in the State of Arizona | License # MB-1043668.
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