FHA Loans
FHA loans
are HUD loans designed to allow people with bad credit to have
access to safe and secure 30 year fixed rate mortgages.
FHA loans
have
become extremely popular in recent years due to the sub-prime fallout and
rising foreclosure rates throughout the country.
FHA
is a superb program
due to the common sense underwriting guidelines combined with the low fixed
rates and minimal mortgage insurance coverage they provide. A common
misconception is that
FHA loans
are too lengthy or involves far too much
paperwork. This is simply not the case. The underwriting process is exactly the
same for
FHA
as conventional lenders.
Bad Credit Loans
Homeowners need to be careful to work with brokers and
lenders that are well versed in the
FHA guidelines
and procedures. Many
lenders impose their own underwriting criteria on borrowers that are not
FHA
required. We work only with lenders that understand fully the flexible
FHA
guidelines so that you can take advantage of this excellent program! Take a
look at some of the advantages of an
FHA loan
:
FHA Loan Highlights
-
30 YEAR FIXED RATE LOANS FROM 6%-7%
-
NO PREPAYMENT PENALTY
-
NO NEED TO PAY OFF COLLECTIONS, MEDICAL, OR OTHER BAD DEBTS TO ACQUIRE FINANCING
-
6% SELLER CONCESSIONS CAN COVER ALL OF YOUR CLOSING COSTS
-
1.5%-3% DOWN PAYMENT CAN BE GIFTED OR PROVIDED BY SELLER
-
MANUAL UNDERWRITING ALLOWS YOU TO TELL YOUR STORY!
-
OBTAIN AN FHA LOAN IN 10 DAYS
-
CAN BE USED TO PURCHASE OR REFINANCE TO VERY HIGH LTV'S
-
NO MINIMUM CREDIT REQUIRED. SCORES CAN BE IN THE 400'S AND YOU GET THE SAME
GREAT RATES AS SOMEONE IN THE 700'S!
-
NO INCOME LIMITATIONS
-
MORTGAGE LATES OKAY
These are just a few of the benefits an
FHA loan
provides. We are helping hundreds of clients across the county utilize theses
FHA loans to buy a home with little or no money out of their pockets even with
bad credit scores below 500! In addition we are using this program to assist
many people that were previously in adjustable rate sub-prime loans get into a
very low 30 year fixed
FHA loan
. These client's are saving hundreds and
thousands of dollars thanks to the FHA lender programs.
It's quite easy to see the benefits of using
an
FHA loan
to purchase or refinance your home. Now lets take a look at
exactly what is required by a homeowner to obtain
FHA financing
. If you
have any questions about if you qualify for an FHA loan we urge you to call us
or apply online since many issues are able to be worked around on a case by
case basis:
FHA Guidelines
-
TWO YEARS WORK HISTORY (any gaps in employment must have letter of explanation)
-
FULL DOCUMENTATION OF 2 YEARS INCOME. SELF EMPLOYED BORROWERS MUST SHOW TAX
RETURNS
-
JUDGEMENTS, DEFAULTED STUDENT LOANS, OR TAX LIENS MUST BE TAKEN CARE OF AT OR
PRIOR TO FINANCING
-
NO REQUIREMENT TO PAY OFF MEDICAL, CREDIT CARDS, CHARGE-OFF, OR OTHER
COLLECTIONS ACCOUNTS OLDER THAN 12 MONTHS.
-
DEROGATORY CREDIT LESS THAN 12 MONTHS OLD WILL BE LOOKED AT ON CASE BY CASE
BASIS
-
COMPENSATING FACTORS SUCH AS 2+ YEARS ON THE JOB OR ABILITY TO SHOW LIQUID
ASSETS CAN BE USED TO OVERRIDE ABOVE MENTIONED GUIDELINES IF NECESSARY
-
CAN ONLY HAVE 1 FHA LOAN OUT AT A TIME
As you can see qualifying for an
FHA loan
is not difficult at all. We are experts in
FHA financing
and work only
with lenders that follow the simple
FHA guidelines
. One of the only
requirements that is set it stone is the loan limit allowed by FHA. In order to
see if your home loan will fit into the
FHA loan
limits please visit
this
SITE
to view
the limits in your county.
Now you can see why we are the premier source
for
FHA loans and FHA Lenders
in the U.S. Our mortgage professionals are
prepared to put their years of experience and our access to these bad credit
cash out mortgage loans to work for you! Contact US today or APPLY ONLINE for a
same day response and let's start working together to help your American dream
come true!