FHA Loans

Whether you're a first time homebuyer, moving to a new home or refinancing your existing mortgage, an FHA insured loan will let you purchase a home with a low down payment and flexible credit guidelines. With no income limits or credit scoring, many people who can afford the monthly mortgage payments and have reasonable credit will qualify. FHA's mortgage insurance programs help low-and moderate-income families become homeowners by lowering some of the costs of their mortgage loans.

FHA mortgage insurance encourages lenders to make loans to otherwise creditworthy borrowers that might not be able to meet conventional underwriting requirements. FHA mortgage insurance is not free. Borrowers pay an up-front insurance premium (which may be financed) at the time of purchase, as well as monthly premiums that are added to the monthly regular mortgage payment.

FHA sets limits on the amount that may be insured. To find out the current limits for FHA loans in your area, please give me a call.

Anyone intending to use the mortgaged property as their primary residence is eligible to for an FHA mortgage.

Remember, the FHA does not make home loans. They insure the loans that I can assist you in getting. Let me help you get an FHA insured mortgage loan at the lowest possible rate.

Before you start the loan process you will need to have some information at hand:

Social Security numbers
Residence addresses for the past two years and name and phone number of land lord if renting.
Names and addresses of your employers over the past two years
Your current gross monthly salary
Names, addresses, account numbers and balances on all checking and savings accounts
Names, addresses, account numbers, balances, and monthly payments on all open loans
Addresses and loan information of other real estate owned
W 2's for the past two years and 1 month of current pay stubs
For self-employed individuals, you will need to provide personal and business tax returns for the past two years.

If you would like to know more about this topic or speak to a mortgage officer who can help you with your home loan needs, please contact us by clicking here.

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