FHA Home Loan
An FHA home loan is the easiest type of mortgage loan to qualify for; because FHA loans are insured by the government they make it effortless for the lender to offer you the best possible deal:
- Minimum 3.5% Down Payment
- Low Monthly Mortgage Insurance
- Low Closing Costs
- Relaxed Credit Score Requirements
- Quicker to Qualify Post-Bankruptcy
- If you want to sell your home, the buyer can "assume" your loan
- FHA Loans are not just for first time home buyers
Basic FHA Home Loan Info and Requirements:
- Two years of steady employment, preferably with same employer.
- Last two years Income should be the same or increasing.
- Credit report should typically have less than two thirty day late payments to debtors in last two years, with a minimum credit score of 640 or higher, based on American Financing's credit score requirements.
- Bankruptcies must be at least two years old, with perfect credit since discharge.
- Foreclosures must be at least three years old, with perfect credit since foreclosure.
- Your new mortgage payment should be approximately 30% of your gross (before taxes) income.
- You must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
- Monthly debt (mortgage, credit cards, auto, student loans, etc.) cannot be more than 43% of your monthly income.
If you have answered yes to most of these basic requirements, you probably qualify for a FHA mortgage loan. In turn, if you are in need of a home loan but are worried about bad credit and bringing a large amount of money to the table,
contact American Financing and they will put together a custom mortgage program for you. We can also help you with more information about FHA home loan rates.
American Financing is a Mortgage Banker
- We complete all funding
- We have in-house underwriters
- We are a direct FHA lender
Make the call today, contact American Financing at
(866)-750-6551 or complete the online application and let our expert team guide you through the FHA loan process.
Information about FHA Streamline Refinancing - Click here