What is an FHA loan?
Are you starting to think about buying your first home? Have you already been browsing houses online? Have you had the chance to speak to a mortgage company? If you have you might have seen or heard about FHA loans. Here you will get a detailed explanation of what an FHA loan is for when you buy your first home.
An FHA loan is a loan by a bank that is insured by FHA and held to FHA guidelines. It is a great loan for first time home buyers, buyers with bruised credit, and buyers with higher debt ratios.
FHA underwriting guidelines allow home buyer to have only one year of clean credit. Many banks look past one year on how you pay your payments. FHA is looking at the last year carefully. FHA does require bankruptcies and foreclosures to be 2 to 3 years ago. But they will allow late payment over a year ago so long as the payment history is on time for the last year and you meet their minimum credit score.
If you have been turned down for a conventional loan because of too much debit, then you might try to get an FHA loan. FHA allows higher debt ratios then conventional loans, so you may be able to qualify.
If you have questions about the loan process I have several good loan officers that I know at different banks, they would be glad to answer your questions. Send me an email and I will send you their contact information.
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Here is a Just for Kids page that your kids are sure to love and to be able to explore some fun educational activities.
Russ Ravary will help make this move easier for you, learning about what you need to do before you buy your first home is very important. Russ will be able to help you with whatever you need. give him a call and get the answers to all your questions and find the home you’ve been searching for!
(248)310-6239 & yesmyrealtor@gmail.com
**don’t forget to ask about the buyers bonus deal Russ have going on now!
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Russ is full time realtor with 14 years of experience of finding good deals for his clients. An added bonus is that he buys a new kayak, or lawnmower, or grill, or snowblower, or lawnmower when you buy and close on a home with him.