FHA loans have gained popularity for their flexible qualifications, including higher debt-to-income allowances, low down payment options starting at 3.5%, and incentives for first-time homebuyers. They also provide options for individuals affected by foreclosure or bankruptcy.
If your income or credit score has presented challenges during your homebuying journey, an FHA (Federal Housing Administration) home loan could be the ideal solution you’ve been seeking.
- 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 unit 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.
- Mortgage Insurance:
- Monthly MIP based on LTV and Mortgage Term
- Up-Front MIP of 1.75% included in the loan amount