|
 IF
YOU ARE READY TO BECOME A HOMEOWNER, READ ON .....
FHA loans are
the easiest type of real estate mortgage loan to qualify for.
The FHA guidelines for loan qualification are the most flexible
of all mortgage loans that require as little as a 3% down payment
or 100% financing with gift funds.
An FHA loan
is right for you if:
-
You're
a first-time homebuyer
-
You
don't have a lot of money to put down on a house
-
You
want to keep your monthly payments as low as possible
-
You're
worried about your monthly payments going up
-
You're
worried about qualifying for a loan
-
You
don't have perfect credit
-
You're
worried about what will happen if you fall behind on your
payments
 There
are many reasons to get preapproved for an FHA loan instead
of a conventional loan or an expensive, risky sub-prime loan. The
following are the basic FHA loan qualification guidelines.
-
EMPLOYMENT: Two
years of steady employment, preferably with same employer.
-
INCOME: Last
two years Income should be the same or increasing.
-
CREDIT: You
don't have to have perfect credit to get an FHA mortgage.
In fact, even if you have had credit problems, such as a
bankruptcy, it's easier for you to qualify for an FHA loan
than a conventional loan. FHA does not require or use a credit
score. FHA will look mostly at the last two years of your
credit history. If there are some credit issues, we may be
able to overcome them with sufficient explanations and supporting
documents of why the issues occurred. The following are some
of the reasons FHA will accept: Lost of Job, Job Transfer,
Serious Illness. Your credit report should typically have
less than two thirty day lates in the last two years. Bankruptcy's
must be at least two years old, with good credit since. Foreclosure's
must be at least three years old, with good credit since.
No tax liens, judgments, unpaid child support, unpaid school
loans or other unpaid federal debts. Get a free credit reqport
at www.AnnualCreditReport.com
-
MORTGAGE
PAYMENT: Your new mortgage payment should be approximately
30% of your gross income.
-
LOAN
AMOUNT: The maximum loan amount for this area
is $200,160.
-
SAVINGS: FHA
does not require that you have a savings or checking account
and the money you will be using for your purchase does not
have to be "seasoned" (meaning in the bank for
the last three months), like conventional loans.
-
DOWNPAYMENT: FHA
requires a 3% downpayment. FHA will allow for a homebuyer
to receive the down payment for the purchase of a home as
a "Gift" (meaning you do not have to pay it back),
from a family member or non-profit organization.
-
-
EASIER
QUALIFICATION: Because FHA insures your mortgage,
lenders may be more willing to give you loan terms that
make it easier for you to qualify.
-
MORE
PROTECTION TO KEEP YOUR HOME: The FHA has been
around since 1934 and will continue to be here to protect
you. Should you encounter hard times after buying your
home, the FHA has many options to help you keep you in
your home and avoid foreclosure.
-
LOWER
COST - FHA loans have competitive interest rates
because the the Federal Government insures the loans. Always
compare an FHA loan with other loan types.
CHOOSE
A NEW HOME FROM ANY OF THE FOLLOWING HOMEBUILDERS OR ANY HOME
LISTED ON www.Har.com.
www.Lennar.com
www.DRHorton.com
www.TaylorWoodrowNA.com
www.Pulte.com
www.RoyceBuilders.com
www.TrendMakerHomes.com
www.PerryHomes.com
www.RylandHomes.com
www.MorrisonHomes.com
www.CoventryHomes.com
www.GehanHomes.com
www.AshtonWoodsHomes.com
www.CentexHomes.com
www.DavidPowersHomes.com
www.DavidWeekleyHomes.com
www.ChoiceHomes.com
www.KimballHillHomes.com
www.Beazer.com
www.PioneerHomes.com
www.ImperialHomes.com
www.Ryland.com
www.LegendHomeCorp.com
www.BrightonHomes.com
(1) GET
PRE-QUALIFIED
AND
(2) PUT ME TO WORK TO FIND THAT PERFECT HOME!
|
