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.
FHA Loan for Homeowners
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
When buyers are approved for FHA home loans, they are required to carry mortgage insurance. That includes both a Mortgage Insurance Premium (MIP) and an Up Front Mortgage Insurance Payment (UFMIP). When you apply for an FHA home loan, you're required to certify your income, offer proof of employment and show that you're a good credit risk with a history of on-time bill payments for at least 12 months. Anyone shopping for a new home and interested in an FHA loan should be aware of several changes to FHA loan requirements now in effect or scheduled to take effect soon. Borrowers with credit scores of less than a 580 FICO score will be required to put at least 10% down.ADDITIONAL ARTICLES
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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:
-- FHA Refinance
-- FHA Home Loan
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-- FHA Reverse
-- FHA Loan (fixed rate)
SPECIAL FHA TOPICS:
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-- FHA Mortgage Tips
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