FHA Mortgage Loans - Who Qualifies? [mortgageloan-processor.blogspot.com]
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If there's one thing you take from this article, it's this: It isn't hard to qualify for an FHA Mortgage Loan. FHA loans are the perfect loan for people with poor or low credit scores and/or low cash on hand. You can qualify for an FHA Mortgage loan with a credit score in the 500-600 range. The underwriters are more lenient and will take explanation letters for any issues on your credit. FHA will even give you a loan if you had a previous bankruptcy.
FHA loans require that you put three and a half percent down of your own money. The seller can pay your closing costs for you if you arrange the real estate transaction that way. The U.S. Government recently changed the requirements for an FHA loan. They used to allow you to buy a house with no money at all. There used to be programs that would help you with the 3 percent down payment. With the economic crisis they did away with the zero down loans and increased the down payment by a half percent.
Still, three and a half percent is not a lot of money to own a piece of the American dream. These requirements can change at any time so try to stay aware of the rules and requirements.FHA maximum loan limits vary by county so be sure to check the limits in the area you are looking in so you have a price range to give to your real estate agent. Getting pre-approved by an FHA mortgage broker is recommended. This way you will have a pre-qualification letter that you can present when you make an offer on a property. This gives the seller peace of mind in knowing that your deal will more than likely go through as planned.
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