FHA loans can make your homebuying dream a reality with competitive rates and a low down payment. Prepare for your FHA home loan with some important steps to make sure you can afford the mortgage.

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FHA Loan for Homeowners

Take the Steps to Get Your Mortgage

Purchasing a home is one of life's major landmarks and for some, it is even a dream come true. At FHA.com we understand the magnitude of this decision and it is our goal to make your transition into home ownership unforgettable. Regardless of whether this is your first or your fifth home purchase we will do our best to ensure that getting you into your new home is a pleasant and memorable experience.

FIRST STEPS

When you begin to seriously consider purchasing a new home it is important that you follow some simple steps to make sure that the process runs smoothly.

The first thing you should do is an analysis of your debt to income ratio. This important step will let you know what type of home you can afford based on your monthly income and expenses.

The next important step in purchasing a new home is to get pre-approved for a home loan. The peace of mind that comes with knowing that your mortgage loan and credit report have been approved will allow you to shop for your new home with confidence. And when you find a home and are ready to make an offer the fact that you have already been pre-approved for your loan amount will give the seller confidence in you as a buyer.

FHA NEWS and RELATED ARTICLES

FHA Seller Concession Rules and Possible Changes

As of spring 2012, seller FHA concessions are still limited to a total of six percent. We will report any changes to the six percent limit as they become known, but for now the six percent seller contribution limit is the official rule.

The Facts About FHA Credit Requirements

One in a series of changes implemented by the FHA in recent times is the new standards required for FHA loans regarding FICO score requirements and down payments. A 580 FICO score will now be the minimum borrower requirement.

Are FHA Loans Possible for the Self-Employed?

FHA home loans do require the borrower to state all employment and gaps in that employment. When the borrower is going into business for themselves, it’s a question of whether the income from that type of work is stable and reliable.

FHA Loan Rules for Unemployment and Bankruptcy

FHA loan regulations require borrowers to wait a minimum of two years before applying for a new FHA mortgage after Chapter 7 bankruptcy. Similar minimum wait time requirements apply for foreclosure proceedings.

Are There Minimum Income Requirements to Get a Mortgage?

The FHA does not place a dollar amount requirement on income or specify a range of minimum income amounts, but FHA requirements do impose standards with regard to verifiable income.

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Remember, the FHA does not make home loans. They insure the FHA loans that we can assist you in getting. FHA.com is a privately owned website that provides information about FHA guaranteed home loans, and is not associated with the federal government or HUD / FHA.

FHA LOAN TYPES:

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This blog is brought to you by the knowledgeable group of counselors at FHA.com. Our team specializes in advising our customers about the value of FHA mortgage loans.

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