FHA MORTGAGE LENDERS QUALIFYING SUMMARY
FHA MORTGAGE LENDERS PROVIDE EASY APPROVALS AND LOW DOWN PAYMENT
First Time Home buyer and moving up buyers get approved for FHA loans when denied financing though conventional means. FHA mortgage seekers find that the FHA mortgage qualifying is the easiest type of real estate mortgage loan to qualify for even if your looking for a Bad Credit FHA Mortgage or even a No Credit FHA Mortgage. The FHA loan requirement guidelines for loan qualification are the most flexible of all mortgage loans that require less than 3.5% down payment and the seller can credit you up to 6% for closing cost.
BASIC OVERVIEW OF FHA MORTGAGE LENDERS QUALIFICATIONS
- 3.5% Cash Down payment can be a gift or grant or acceptable FHA down payment assistance program.
- 2 Years Stable Predictable Income In The Same Line Of Work. Bonus Over Time Commission Averaged over the Past 2 years.
- 0 x 30 Day late payments reflected Credit report within the last 24 months. 1 or 2 x 30 day lates acceptable case by case.
- 2 year waiting period for Chapter 7 Bankruptcy 12 Months for a Chapter 13.
- 3 Years After Foreclosure Starting when the Title/Deed transferred out of your Name.
- 30-45% Of your Gross Monthly Income towards housing case by case based on Credit and Debt to Income Ratios.
These are some of the most basic of FHA mortgage qualifying requirements. If you have answered yes to most of these statements, you probably qualify for a FHA mortgage loan. Please click on the item that you require additional information on FHA requirements.
FHA DOCUMENTS NEEDED FOR FHA MORTGAGE SUBMISSION
Documents Needed – List of required documents.
Income – Income qualification guidelines for FHA loans.
Credit – FHA guidelines for Credit qualification.
Savings- Savings requirements and guidelines for FHA loans.
Ratio’s – Income to Debt ratio’s guidelines for FHA loans.
FHA Loan Closing Costs – FHA closing costs guidelines.
Loan Processing – Explanation of what “loan processing”.
Submission – Explanation of what “Submitting a FHA Loan is”.
Underwriting – Explanation of what “Loan Underwriting”.
FHA Loan Approval – Types of FHA Loan approvals.
Loan Documents – Explanation of “Loan Documents”.
Funding your FHA Loan – Explanation of “Loan Funding”.
Recording – Explanation of “Loan Recording”.
Closing your Escrow – Explanation of the “Closing” of your transaction.
Property Appraisal – FHA Property Appraisal requirements and guidelines.
Possible Delays – List and explanations of possible loan delays.