Federal Housing Administration Loans
Want to find out more about FHA? Go here for FHA refinancing information.
We have compiled plenty of information on FHA below. Hopefully we have helped answer some of your questions about FHA and its programs.
FHA Loans
Who can qualify:
For the most part, only people who plan to buy a primary residence can qualify...if the house is for work reasons then there is a FHA program for you. Investment borrowers are not allowed except for FHA to FHA Refinance.
It is easier to qualify if you've had a recent bankruptcy.
Good Neighbor Program
This program allows designated borrowers to purchase HUD foreclosures at 50% "as is" appraised value. These qualified borrowers include law enforcement officers, teachers pre K-12th grade, firefighters, and Emergency Medical Technicians.
Credit Guidelines
FHA has no imposed credit score but late payments between 12-24 months will need credit explanations. If you have had a foreclosure - it needs to be 3 years from the date of foreclosure.
FHA Income Guidelines
2 Year History - All regular types of income that are acceptable for regular loans will also be acceptable for FHA Loans such as overtime, bonuses, interest and dividend income as well as part time/2nd job income.
1 Year History - Commission, Alimony Child Support, and Note Receivables.
Income - No History - Projected Income, Trust Income, VA Benefits, and section 8 homeownership vouchers may be used either as income or to offset the monthly payment.
Employment Guidelines for FHA
- Can be employed a minimum of 6 months example being a High School Graduate
- Can be employed a minimum of one month with a job in your trained field but you must be a college graduate
- A borrower returning to the workforce can be on the job as little as 6 months
Self Employment
- Accepted for one year with a filed tax return
These FHA requirements are meant as a guideline please contact our office for more specific information about your situation.
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