| In Florida, FHA loans are extremely popular. No down | | | | walk into brokers with anything under a 620 credit |
| payment is required and you don't need perfect credit. | | | | score... well, you pretty much get thrown out! FHA is a |
| The best part... you STILL get the low interest rates! | | | | bit more lenient. We have a servicers are pretty strict |
| Here is what you need... | | | | when it comes to other government home loan must |
| First, let's talk about what exactly an FHA loan is, | | | | be at least three years old. Chapter 13 bankruptcies |
| because you are probably thinking this sounds too | | | | are allowed as long as clients have made 12 months |
| good to be real. An FHA mortgage is issued by | | | | payments on time. |
| Government approved financial institutions and insured | | | | Down payments are a requirement when it comes to |
| by the Federal Housing Administration. That means | | | | buying a house. Most brokers for conforming financing |
| that they are government loans just like USDA & | | | | require 20% down. That's a lot of money. If the loan |
| VA. To get a USDA you must be zoned agricultural | | | | you are trying to get is $100k, well, then you need to |
| and VA you have to be a veteran to be eligible. Unlike | | | | bring 20 thousand dollars to the loan!!! Who has that |
| the other 2, FHA is for everyone! | | | | now days with this economy? An FHA loan only |
| So, what is required by the banks to get an FHA | | | | requires you to bring 3.5% down. That's a big |
| home loan you ask? | | | | difference. |
| You need 2 years worth of documented work history. | | | | You are probably thinking that with all of these |
| That means you have to be able to prove it with tax | | | | positives, that there has to be a negative, right? It has |
| returns. It doesn't have to be 2 years at the same | | | | to be in the rates... right? Well, you are wrong. FHA has |
| company, but it does help if its 2 years in the same line | | | | the same low rates as conventional! You can get FHA |
| of job. Lenders are sometimes able to look past it if | | | | home loan right now for as low as 4.875% on a 30 |
| you were in college and you now employer with your | | | | year fixed (which I forgot to mention, all FHA loans are |
| degree. | | | | 30 year fixed. |
| Credit, that's a difficult word for many individuals. You | | | | |