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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.
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!
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