FHA Primary Home Purchase

FHA Loans recently have become the most popular loans in the USA for low or no down-payment loans. All FHA loans are full documentation on the borrower's income and assets. The debts to income (DTI) requirements to qualify for a loan are one of the highest in the lending industry at 55%. This means 55% of the borrowers income can be used to qualify for a FHA loan. Fannie Mae and Freddie Mac's DTI requirements are capped at 40% of the borrower's income. FHA borrowers can purchase more of a home than with a conventional Fannie or Freddie loan.

Another advantage of using FHA loan program, the borrower can use the FHA 203K Rehabilitation Financing to purchase properties from 1 to 4 units.  Also, the property can be a mixed use property.  Call for details.

Along with other guidelines that are less strict, as in easier credit qualifying, medical collections that do not need to be paid, low loan payment reserves and FICO credit scores starting at 600 + and up. The most important requirement for an FHA loan is having a verifiable job for two (2) years. Since Mid 2007, Fannie Mae and Freddie Mac conforming loan guideline requirements have tightened up significantly, making qualifying for a home loan more difficult. Increases in FICO requirements, loan payment reserves and no stated income for most job categories; especially Loan officers, Real Estate agents, Escrow agents, appraisers, builders & Others Real estate related occupations. Some Believe the next big move in Real Estate will be young couples buying their first home, now that home prices have declined making purchasing a home very affordable again for working families.

Moreover, FHA loans are allowable for the purchase of homes that are Bank owned (REO) listing. These are some of the best Real Estate prices on homes in Arizona now. FHA loans are for owner-occupants only (some exceptions apply, see FHA Investor loans). The borrowers are required to occupy the home within 60 days of the closing date and live in the home for a minimum of one (1) year. No exceptions! The government is serious about this and violators could be subject to forced foreclosure. After one year, a homeowner may be able to upgrade to another primary home, but not with a FHA loan, unless they sell their current home. FHA borrowers are allowed to keep their current home with the FHA loan and make it a rental with no penalties. They can even FHA streamline refinance this loan for a lower rates with FHA too.

Call or E Mail me with any Questions!

480-390-2123  

MBongiovanni@TheLendingCo.com 

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	First Name:* Last Name:* E-Mail:* Phone:* Loan Amount: Loan Purpose: Purchase Refinance Refinance & Cash Out Loan Program: 50 Year Fixed 40 Year Fixed 30 Year Fixed 20 Year Fixed 15 Year Fixed 3/1 ARM 5/1 ARM 7/1 ARM 10/1 ARM Adjustable Interest Only Property Use: Primary Residence Second Home Rental or Investment Property Type: Single Family Condo/Townhouse 2 Units 3 Units 4 Units Other Property Value: Enter Code Shown:* * Required