- Learn more about FHA loans.
- With Home Loans Matcher, you can discover FHA loans that can meet your needs.
Buying a home is a huge risk, especially for those with less than stellar credit scores. Luckily, with FHA loans, buyers and borrowers who have a hard time getting approved by conventional lenders can realize their dream of homeownership.
If you want to apply for FHA loans but aren’t sure whether you qualify or not, get in touch with Home Loans Matcher. Our team of experts will be happy to help you with each step of applying for FHA loans.
FHA Loans: The Basics
- If you have bad credit, FHA loans can be an option for you when it comes to property ownership.
- We put our clients above all else, to make sure that they find the FHA loans that will work for them.
- When it comes to FHA loans, Home Loans Matcher will give you the advice you need.
Federal Housing Administration or FHA loans were created to help stabilize the economy and motivate the housing market after The Great Depression. Insured by the government, FHA loans protect lenders from financial risk. Even if you fail to pay your loan, the FHA will pay the lender instead. Read more on FHA loan basics here: https://www.investopedia.com/terms/f/fhaloan.asp.
This guarantee is one of the reasons why the qualifications for FHA loans are less strict than conventional loans. With FHA loans, you’ll be able to borrow a substantial loan amount while paying only 3.5% of the down payment even if you have a poor credit score.
FHA Loans: Qualifications
With FHA loans, homeownership becomes accessible to everyone, regardless of income level. Since the federal government is backing the loan, private lenders are more agreeable to approving applications. Though FHA loans are easier to apply for, there are still qualifications that you should be aware of, such as the following:
- Background Reports. As with any loan application, FHA loans require you to go through several credit checks and background reports. You specifically have to clear a CAIVRS (Credit Alert Interactive Verification Reporting System) report if you’re applying for FHA loans. The CAIVRS is the federal government’s file on past borrowers with delinquencies on federally backed loans; if you didn’t clear it, you’d have to either wait three years before you can apply for FHA loans or pay your previous delinquency in full.
- FICO or Credit Scores. The average minimum credit requirement for FHA loans is below 600. With this credit score, you can apply for the 3.5% down payment. However, if you’re willing to pay a bigger down payment, a lower score can pass. If you have no credit score, you can still apply for FHA loans. Your lender can simply look at alternative credit information, like on-time rent, utility, and other bill payments.
- Home Requirements. The federal government will have to check the quality of the home you’re going to buy with your FHA loans. Since the government will have to take responsibility should you ever default on your loan, the house has to be both safe and marketable to appropriate buyers.
- Income Limits. Since FHA loans are geared toward lower-income individuals, there are no minimum income requirements. You just need to demonstrate your ability to repay your FHA loans.
- Loan Amount. FHA loans aren’t unlimited; there are limits to the amount that you can borrow. These limits vary from city to city and state to state. The loan experts at Home Loans Matcher can help you determine your loan amount.
How Home Loans Matcher Helps You Get FHA loans
Though FHA loans are easier to apply for than conventional loans, going through the process can still be daunting. With Home Loans Matcher, getting FHA loans doesn’t have to be difficult. Since we believe that you should be well-informed about your loans, we’ll guide you through the process and requirements.
Our loan experts will make sure your experience of getting FHA loans is quick and stress-free. With our customized software, we can match you with a home loan that’s specifically made for you. You will be able to get FHA loans from a lender that understands your financial requirements perfectly.
Are you going to apply for FHA loans? Reach out to Home Loans Matcher. With us, you can expect service that is fast, accurate, simplified, and transparent. Give us a call at (844) 255-9719. We would be happy to hear from you!
Home Loans Matcher – FHA Loans
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 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
- 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 payments 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 requirements 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 requirements.
- 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
At Home Loans Matcher, we make homeownership possible for people with less than optimal credit rankings. We can help qualify you with the right match 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
Planning to take out a home loan? Be guided in the right financial direction by working with Home Loans Matcher today! 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.