FC2Video

FHA loan is one of the most sought after loans in buying a home. The Federal Housing Authority provides limitless chances for people to buy their own home as long as they meet the required credentials. FHA loan is an easy qualifying loan so if you will just provide valid income documents, you will be qualified to get your new home. Buying a home on your own can be really hard. That’s why, mortgage loans always come in handy whenever you need assistance. In getting an FHA loan, you need to pay for the 3.5% of the total sales price as down payment. This is lower compared to other types of mortgage loans. You can also have 100% financing options and gift for down payment and closing costs are allowed too. The Federal Housing Authority regulates the closing costs which cannot be experienced in any other mortgage. Definitely, FHA loan is one of the best and the easiest type of loan to apply. With these advantages, FHA remains to be the leading mortgage loan type for first type home buyers and even to move-up home buyers. To qualify, you just need to present valid documents that show your income stability. You must prepare for at least 3 years before you get an FHA loan. You need to make sure that you have a minimum FICO credit score of 620. Before filing for an FHA loan, you have to make sure that you don’t have a bankruptcy filed for two years and foreclosure for three years. That’s why, it is essential to make sure that you are prepared before you apply for an FHA loan. Otherwise, you will just waste your time because you will not be approved. When it comes to income and financial status, FHA is not that strict. Even if you have less than two years on your job, they will still allow you to get a mortgage loan. Aside from that, even self-employed individuals can get an FHA loan too. As long as you can provide verifiable documentation that you can pay for your loan, that won’t be a problem. To see if you qualify for an FHA home loan please contact an Omni Mortgage Professional at 866-955-4466.