FHA down payment grants and community redevelopment programs offer affordable housing opportunities to first-time homebuyers, low-income and moderate-income individuals and families who wish to achieve homeownership.
FHA insured mortgages require mortgage insurance. Mortgage insurance is a policy that protects lenders against some or most of the losses that result from defaults on home mortgages.
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According to FHA guidelines, borrowers and / or their spouse must qualify according to set debt ratios which are used to determine whether the borrower can reasonable be expected to meet the expenses involved with home ownership.
[ - more on FHA debt to income ratios - ]
FHA will analyze a borrower's past credit performance in determining the loan for approval. A borrower who has made timely payments
serves as a guide and demonstrates their willingness to repay future credit obligations.
[ - more on FHA credit issues - ]
Before you start the loan process, you'll need to have some information at hand for all loan applicants. In addition, you will need to pay for a credit report and appraisal of the property.
[ - more on FHA requirements - ]
What does it take to be eligible to apply for an FHA home loan? FHA requirements include details about income, credit rating and other factors, but before a loan officer looks at any of that information, an applicant has to meet the basics.
Are you considering an FHA home loan? If so, be sure to examine the FHA's list of financial institutions sanctioned for violating FHA rules. Investigators found violations ranging from bad quality control all the way to falsifying documents used to issue FHA home loans.