- Home Loans Matcher can help you learn about FHA loan requirements.
- We provide expert advice when it comes to FHA loan requirements.
FHA loan requirements can help with getting a mortgage. Before you are granted a home loan, you must fulfill certain qualifications. Examples include having the required credit score and paying the lowest down payment. If you have a good credit ranking, you may immediately be approved. However, the process may not be as easy if you have a bad credit history. Luckily, low-to-moderate income borrowers can now apply for loans insured by the Federal Housing Administration (FHA). A borrower can pass FHA loans requirements with a less-than-perfect credit score and low down payment.
If you need help with FHA loans requirements, it is best to seek expert advice. That is where we come in. Home Loans Matcher is experienced in hunting down the best FHA home loans for borrowers. We help Americans take the right financial steps by guiding them through their borrowing power and ideal loan features. Because we put clients before lenders, we work with the former’s best interests in mind. For superb assistance in the loan process, including FHA loans requirements, consider hiring our professionals.
How FHA Loan Requirements Benefit Borrowers
- FHA loan requirements may allow people with bad credit to become homeowners.
- At Home Loans Matcher, we specialize in educating people on the FHA loan requirements.
- Contact us today to learn more about how we can help!
During the Great Depression, the rates of default and foreclosure cases considerably rose. In turn, federally insured loans were created. Because the loan is backed by the FHA, the government is set to pay the lender in case the borrower fails to repay. This guarantee enabled lenders to approve loan applications that they would otherwise have rejected. Meanwhile, lenient FHA loans requirements made home ownership possible for borrowers with poor credit history. If you want to find out the FHA loan requirements for 2018, take a look at this article: https://www.fha.com/fha_loan_requirements.
FHA Loan Requirments and Qualifications:
- FHA Loans Requirements #1: Credit Score
When you opt for a federally insured loan, having the compulsory credit ranking is among the FHA loans requirements. In the past years, a borrower can have a credit score below 600 and still meet the FHA mortgage loans requirements.
In relation to your credit history, other compensating factors are also considered when looking at FHA loans requirements. These include loan-to-value (LTV) ratios, debt-to-income (DTI) ratios, and short-term assets.
- FHA Loans Requirements #2: Down Payment
Compared to other mortgages, FHA loans requirements include a lower down payment. That is why FHA loans are ideal for first-time home buyers, low-income borrowers, or people who cannot immediately fund the loan principal. You can pass the FHA loans requirements with a down payment that is as low as 3.5%. To lower your monthly installments or insurance premiums, you may exceed the FHA mortgage loans requirements and pay more than the minimum down.
- FHA Loans Requirements #3: Mortgage Insurance Premium (MIP)
When looking into FHA loans requirements, pay attention to MIPs. Insurance premiums are required if you have not put at least 20% down payment on the property. Meanwhile, the insurance policy is mandatory for FHA borrowers as part of their closing and monthly housing costs. To fulfill the FHA loans requirements, you need to pay an upfront MIP of 1.75% of your base loan amount in addition to your monthly MIP expenses. This part of the FHA loans requirements protects lenders from the potential default of borrowers.
- FHA Loans Requirements #5: Home Quality
If you default, the government will be held accountable. That is why they have included home quality in the FHA loans requirements. Before getting approved for purchase, a house must be safe and salable to appropriate buyers.
- FHA Loans Requirements #8: Loan Limits
States enforce different FHA loans requirements, including loan limits. To learn about the FHA loan policies in your area, you can speak with a loan expert.
- FHA Loans Requirements #9: Delinquencies
You can still meet the FHA loans requirements and get an FHA loan even with a bankruptcy or foreclosure (delinquency) record. Depending on the issue, you may have to wait one to three years past the date of delinquency before applying.
Contact Experts in FHA Loans Requirements
Need a professional to walk you through the FHA loans requirements? Call one of our specialists in FHA loans requirements today at 844-255-9719.
Home Loans Matcher – FHA Loans Requirements
Getting a home loan is a major financial step. In fact, it is one of the biggest investments you can make. That is why it is important to make rational choices when you take out a mortgage. If you dive into the home loan process unarmed with the right information, you may end up unsatisfied with the results. Luckily, this can be avoided with the expert advice of professionals.
At Home Loans Matcher, we help borrowers make sensible financial decisions. We do this by hunting down ideal housing loan options and walking borrowers through the pros and cons of each. By giving our clients valuable advice on how loans will work for their financial situation, they can have better chances of securing the right one. If you are planning to get a mortgage, trust our loan experts to find the most suitable one for you.
What Makes Our Home Loan Counseling Services Different – FHA Loans Requirements
- Immediate Results
Need to apply for a home loan quickly? We have you covered. If you work with our mortgage advisors, you can expect immediate results. Our loan experts are skilled in finding the right home loans for borrowers in just a few minutes. While they are at it, they can also give insights on the applicable interest rates and the potential length of your home loan process.
- Simplified Insights
Home buying can be daunting, especially for first-time homebuyers. With the help of our team, it does not have to be that way. We will run you through every part of the loan process and ensure that you understand what you are walking into. By informing you of your borrowing capacity and the options ideal for you, you can make well-informed financial choices.
- Accurate Matches
At Home Loans Matcher, we use our customized software to hunt down loans. Through this method, we can provide you with the most accurate results. With the combined skills of our loan experts and our search technology, you can find the best home loan even after failed applications with other lenders.
- Transparent Communication
Because we put borrowers before lenders, we work with the former’s best interests in mind. That is why we make every process personal. While being attentive to the needs of our clients, we also maintain transparency with them. This prevents future misunderstandings and problems during the loan process. With the Help of Our Loan Specialists, You Can Avoid the Following:
- Stressful Process
As your mortgage advisor, we will go the extra mile to make the loan process as easy and hassle-free as possible for you. We want to spare you from stressful broker encounters, which can lead to misunderstandings, wasted resources, or less than superb financial choices.
- Wrong Choice of Lender
Homebuyers may feel bad about their purchase if they think they have chosen the wrong lender. By having us perform the loan search for you, you can be matched with a lender who can cater excellently to your buying needs.
- Uninformed Decision
Remorse can hit homebuyers when they feel they have made an uninformed decision. This will not happen with the help of our loan professionals. During our mortgage counseling, we will make sure that you are equipped with the right knowledge before applying for a loan.
Get Matched Even With Less Than Perfect Credit History – FHA Loans Requirements
At Home Loans Matcher, we make homeownership possible for people with less than optimal credit rankings. We can help find a match for you even with the following credit challenges:
- Your credit score is below 660.
- You have been turned away by other lenders.
- You have a judgment lien on your credit report.
- You have a bankruptcy or foreclosure record.
- You have a high debt-to-income ratio.
- You are working again after being unemployed.
Let Us Find You the Right Loan – FHA Loans Requirements
Planning to take out a home loan? Be guided in the right financial direction by working with Home Loans Matcher. Contact one of our mortgage advisors today at 844-255-9719. To learn more about different loan options, visit our website at www.homeloansmatcher.com.