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Do You Qualify for an FHA Home Mortgage?

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Count on FHA loans to finance your housing needs if you don’t have the necessary budget to buy your dream home. FHA loans are administered by the American federal government. The nation’s federal government guarantees provision of the housing needs that you’re qualified to obtain. Have the peace of mind that FHA loans uphold the excellent services America’s public agency has been known for.

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FHA loan brokers are just nearby to file your federal housing loan or mortgage application on your behalf. Before you apply for an FHA loan, though, you need to determine if you’re qualified to do so. Refer to the checklist below to find out if ways on how to refinance your home is your forte.

580 and Above Credit Scores

No need to freak out if VA loan originators seem out of your reach. Just by being able to show proof that you have a minimum of  580 credit score lets you initially qualify for an FHA loan. If your budget is stringently tight when it comes to financing mortgage rates, an FHA loan is your partner in acquiring the home of your dreams without sacrificing the lifestyle quality you’d like to keep.

Ideal for First-Time Home Owners

If you’ve just turned 18, or you’re fresh out of high school or college, applying for an FHA loan is the best thing you can ever do for yourself. America’s federal housing agency aims to reach out to new home buyers who are just starting to make it on their own. Applying for an FHA loan is your first step towards attaining independence from your family as a young adult. Count on FHA to be with you every step of the way throughout this new chapter of your life.

Financial Capability to Make a 3.5% Downpayment

You’ll be mandatorily required to show financial capability to make a 3.5% downpayment on your mortgage as part of the application process for an FHA loan. In some exceptional instances, FHA’s downpayment minimum amount is lower.  Check with your local FHA loan broker to know more about the federal policies that govern this exception.

500-579 Credit Score Range Qualify, Too

If your credit score falls between 500-579 credit score range, you can qualify for an FHA loan, too. Keep in mind, though, that if your credit score is below 580, you’ll only be able to avail of 90% loan amount out of the total price value of your home.

Meet the Specified Required Funding Sources

Never take things for granted by failing to double check FHA’s requirements to qualify for mortgage loans. Take note that you can’t simply have the funds needed to finance your mortgage payments. FHA does conduct a background check on each applicant’s source of income that’ll finance their mortgaged home. Acceptable sources include personal savings, cash funding from family and state and local government down payment financing benefits.

Federal government supported housing funding’s availability has never been easier to acquire, thanks to FHA loans. Look out for your future ahead of time. Make a thorough assessment if you qualify for an FHA loan to avoid wasting time on careless mistakes. Talk to your FHA loan broker to speed up your assessment’s process. To learn more, visit at: http://www.myhomemortgage.net/fha-loans-fl/

 

Lalaine Rivers

Author:Lalaine Rivers

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