We make your
Mortgage Simple!
Thinking about purchasing a home? All Things Mortgage has FHA loan options that can work for your needs.
We make your
Quick Mortgage Quote
What is your mortgage goal?
REFINANCE PURCHASE
Select the property type
SINGLE FAMILY CONDO / TOWNHOME MULTI-UNIT MOBILEHow will your property be used
PRIMARY RESIDENCE VACATION HOME RENTALWhere is the property located?
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What is the property's value? It's OK to estimate
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What is your current mortgage balance? It's OK to estimate
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What is your current mortgage rate? It's OK to estimate
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Where are you currently in your mortgage process? It's OK to estimate
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What is your estimated purchase price?
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Can you make a down payment of at least 5%?
YES NOAre you currently working with a real estate agent?
YES NOHow would you rate your credit?
EXCELLENT VERY GOOD GOOD FAIR POORIs your mortgage currently FHA-insured?
YES NO NOT SUREWhat is your address?
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What is your name and Email Address?
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What is your phone number?
FINISH
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Getting an FHA Loan
Financial concerns aren’t a huge issue when it comes to FHA loans. FHA mortgage loans are ones guaranteed by the US Government’s Federal Housing Administration. This guarantee ensures that this type of loan is available to home buyers who are less-qualified to take part in “traditional” mortgage.
The Bare Requirements
It is easier to get approved for an FHA loan. That is one simple reason why FHA mortgage loans are so attractive to a lot of buyers.
Down Payment
FHA mortgage loans can be acquired with down payments as low as 3.5%. That’s a big difference compared to other mortgage options which often require at least 10% or 5%. You can get the house you need without putting too much of a strain on your budget.
Credit Score
Credit scores for FHA mortgage loans are more lenient compared to other mortgages. The minimum FICO score to qualify for the low down payment advantage is 580. If your credit score is below 580, you’re still eligible. You just need to put a 10% down payment.
Other Requirements
Applicants for an FHA mortgage loan have other requirements to look out for. Besides evident down payment and credit scores, there are other requirements to meet to fully avail of a beneficial FHA mortgage loan.
Debt-to-income Ratio
FHA loans require that monthly housing payments should not exceed gross monthly income.
Employment
A steady history of employment is needed to ensure you’re stable enough to pay for loans.
Appraisal
FHA lenders use home appraisals to calculate the loan-to-value ratio of your loan.
Insurance
Mortgage insurance is a policy that ensure the protection of the lender against losses.
Citizenship
FHA loan applicants are required to be lawful US citizens with valid SSN and of legal age.
Other Requirements
Applicants for an FHA mortgage loan have other requirements to look out for. Besides evident down payment and credit scores, there are other requirements to meet to fully avail of a beneficial FHA mortgage loan.
Debt-to-income Ratio
FHA loans require that monthly housing payments should not exceed gross monthly income.
Employment
A steady history of employment is needed to ensure you’re stable enough to pay for loans.
Appraisal
FHA lenders use home appraisals to calculate the loan-to-value ratio of your loan.
Insurance
Mortgage insurance is a policy that ensure the protection of the lender against losses.
Citizenship
FHA loan applicants are required to be lawful US citizens with valid SSN and of legal age.
Need a Consultant for Your FHA Loan Options?
For your FHA loan concerns or any type of mortgage loans, don’t hesitate to come to us. We provide services that are right for your budget and tailored to your preference. Drop us a line today.
What Are The Benefits Of The FHA Loans?
FHA mortgage loans is a good financing option. There are many reasons, but here are its top benefits.
Low Down Payment
This feature of FHA mortgage loans is the main reason why it’s so attractive to first-time home buyers. FHA loans only require applicants to bring a 3.5% down payment. This payment can be in the form of gift-money.
Easy To Access
Lenders need to know that you have enough money in your bank account to pay the bills. That’s why FHA asks lenders to check the applicant’s reserve funds. Currently, you are required to have at least one month’s worth of reserves to buy a home.
Lenient Credit Scores
Credit mistakes in the past aren’t a problem. As long as your credit score is above 580, you can avail of the FHA mortgage loan. And if you have bigger credit card sins, you are simply required to pay 10% down payment.
What are the benefits of an FHA Loan?
FHA mortgage loans is a good financing option. There are many reasons, but here are its top benefits.
Low Down Payment
This feature of FHA mortgage loans is the main reason why it’s so attractive to first-time home buyers. FHA loans only require applicants to bring a 3.5% down payment. This payment can be in the form of gift-money.
Easy To Access
Lenders need to know that you have enough money in your bank account to pay the bills. That’s why FHA asks lenders to check the applicant’s reserve funds. Currently, you are required to have at least one month’s worth of reserves to buy a home.
Lenient Credit Scores
Credit mistakes in the past aren’t a problem. As long as your credit score is above 580, you can avail of the FHA mortgage loan. And if you have bigger credit card sins, you are simply required to pay 10% down payment.
Safely Applying for an FHA LoanFHA Safe Application
Apply for FHA mortgage loans from approved lenders only. Rest assured that the Federal Housing Authority has a list of lenders who are certified to offer this type of mortgage to homebuyers. All Things Mortgage is qualified and capable of helping American families acquire of the best deals on FHA home loans. We’ll be your helping hand in making sure you get the safest and most affordable FHA mortgage loans from approved lenders.
Contact All Things Mortgage more for details, so we can increase your chances of qualifying for FHA mortgage loans together.
