If your income or credit score has caused a few bumps in the road on your homebuying journey, a FHA home loan may be the perfect fit you’ve been looking for.
If your income or credit score has caused a few bumps in the road on your homebuying journey, a FHA (Federal Housing Administration) home loan may be the perfect fit you’ve been looking for. FHA loans have become increasingly popular due to their flexible qualifications like, higher debt-to-income allowances, down payment options as low as 3.5%* and first-time homebuyer incentives. They also accommodate for those affected by foreclosure or bankruptcy.
*FHA Payment example: Stated rate may change or may not be available at time of rate lock. If you bought a $350,000 home with a down payment of 3.5%, for a loan amount of $337,500, on a 30 year loan at a fixed rate of 6.625% (7.021% Annual Percentage Rate), you would make 360 monthly payments of $2,162.00. Payment stated does not include taxes, homeowners insurance, and mortgage insurance which will result in a higher payment
- Must be owner occupied by Borrower -Non occupying co-borrower (relative allowed)
- 1-4 family owner occupied
- Typically, can only have one FHA loan
- Up to a four unity property, with at least one-unit owner occupied
- Condos must be on HUD approved list
Job Requirement Guidelines:
- W-2 Self Employed Borrowers allowed. *HUD’s income and employment requirements must be met.
- Monthly MIP based on LTV and Mortgage Term
- Up-Front MIP of 1.75% included in the loan amount
CMG Home Loans is not affiliated with any government agencies. These materials are not from HUD or FHA, and were not approved by HUD or FHA, or any other government agency.