FHA Loans
For Wage Earners that can provide Latest 2 Years of Tax Returns + W2s, and latest 30 days of paystubs.
An FHA loan is a type of mortgage loan that is insured by the Federal Housing Administration (FHA). This means that if the borrower cannot repay the loan, the FHA will help cover the lender's losses. Because of this insurance, lenders are more willing to offer favorable terms to borrowers, such as lower down payments and more flexible credit requirements.
Key features of FHA loans
- Lower Down Payment: FHA loans typically require a down payment as low as 3.5% of the home's purchase price, making it easier for people to buy a home without needing a large amount of money upfront.
- Flexible Credit Requirements: FHA loans are more forgiving of lower credit scores compared to conventional loans, so people with less-than-perfect credit can still qualify.
- Assistance for First-Time Homebuyers: These loans are often popular with first-time homebuyers because of the lower down payment and easier credit requirements.
- Loan Limits: There are limits to how much you can borrow with an FHA loan, which vary by location and are designed to ensure the loans remain accessible to a wide range of borrowers.
Requirements
- Income W2: 2 years employment history w/paystubs
- Income Self-Employed: 2 Years of Tax-returns
- Income Retirement, Social Security, Pension.
- Down Payment 3.5% (score 580+, ideal 620+)
- Down Payment 10% (score 550 to 579)
- Collection do not matter
- Student Loans OK
- Gift money OK (family member)
- Manufactured homes OK (built after 1977)
- Mortgage insurance always required
- 6% Seller Concessions
Purchase Affordability Calculator
For W2 Employees or Tax Returns Self-Employed
FHA Loan
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Max Home Price
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Monthly Total$0
P & I$0
Taxes (1%)$0
Insurance (1%)$0
HOA$0
PMI (0.55%)$0