The Federal Housing Administration (FHA) offers a mortgage loan program designed to help buyers who may not otherwise be able to qualify for a conventional loan. Credit requirements are more relaxed and down payments are lower than typical conforming loans, making FHA mortgages an ideal option for first-time home buyers or those with less than ideal credit.
The easiest way to apply for an FHA loan is to talk to a mortgage loan specialist. While every situation is unique and there are some exceptions to the debt ratio rules, you’ll need to meet the following requirements for an FHA loan:
The loan process starts with a prequalification. One of our advisors can help you determine if your income and requirements are a good match for this type of loan. You’ll work together to determine exactly how much you can afford to spend on your new home. Next, you’ll complete an application and supply any needed documentation (generally paystubs bank statements and similar items). Once this information is received, our team can process your application. Some FHA mortgages are approved within hours; others may take longer to process, depending on credit and other factors. Once your preapproval is in hand, you can shop for a new home with confidence.
Our goal is to help you find the right mortgage loan product and to make sure the application and approval process is hassle free. Contact us to learn more about FHA loans and to find out how we can help you.