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Is FHA a Good Loan For Me?
If you want to purchase a new home and have less than 20% to put down then a FHA loan could be prefect for you. The Federal Housing Administration, more commonly known as FHA was established in 1930 to help homeowners with a more affordable way to purchase a new home.
Why You Should Choose a FHA Loan
- Less stringent credit requirements
- Down payment of only 3.5%
- Higher debt to income ratios allowed
To qualify for a FHA loan you should have at least a 600 credit score and have a history of on time bill payment over the last 12 months. If you have had a bankruptcy it would have to be discharged for at least 2 years prior to applying for a FHA loan. Additionally, you will need to verify your income. FHA underwriters will review your income received over the last 2 years.
As a loan insured by the government the FHA loan will have a small monthly mortgage insurance premium included in your monthly mortgage payment.
When you purchase your home with a FHA loan you can have the seller pay your closing costs (up to 6%). This will reduce any additional money you might need for closing.
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