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FHA Home Loan - Apply, Info & Rates

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

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