Current home owners needing to refinance and first time home buyers can qualify for a FHA home loan quite easily if certain requirements are met. Although FHA generally looks at the overall credit profile and not just credit score there are still some basic requirements a borrower has to meet. One of the most important is the mortgage has to have been paid on time for the last 12 months.Borrowers who do not qualify for FHA mortgages financing may be qualified for other programs which offer similar benefits to FHA loan programs. For more information, contact a financing advisor at 1-800-999-2489 x7972 or via email at naitch6203@yahoo.com
FHA loans also allow for a non-occupant co-borrower to help you qualify for a loan. You can qualify using the co-signer's income if your income is hard to document.
To qualify for a FHA home loan, the property must pass certain FHA inspections.
FHA loans can qualify a borrower with little or no credit history as well by using alternative credit. This can be done by supplying 4 types of monthly bills paid on time for one year. Examples of alternative credit include: rental history, electric bill, cable bill, cell phone bill, or any other type of account that is paid monthly.
3% to 3.5% of your own funds are required for a down payment for an FHA loan. These funds can be from a gift, retirement account, or any other asset account.
