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KNOW ABOUT OF FHA MORTGAGE

What exactly is meant by FHA Mortgage?

The FHA mortgages are normally the typical government based mortgages which are insured by the Federal Housing Administration. Federal Housing Administration or FHA is a branch of the. Department of Housing and Urban Development of United States. When in required of the financial crisis, the FHA borrowers pay the insurance of the mortgages which in turn protects the lender from any loss if the borrowers get defaulted on the loan. The FHA Mortgage is mostly popular amongst the new first-time home buyers. This is because they allow less down payment.

Requirements for FHA Mortgage

  1. The main requirement for the FHA Mortgage is the credit score and the down payments.
  2. To qualify for the FHA Mortgage the down payment for the applicants is only 3.5% and the minimum FICO score should be 580.
  3. The borrower should have a valid Social Security number and should be a lawful resident of the US.
  4. A steady employment history is required for the borrower and for a minimum of two years must have worked for the same employer.
  5. The new FHA Mortgage loans are available only for the primary residence.
  6. The minimum down payment of 3.5% can be also gifted from a family member.
  7. The borrower should ideally be out of bankruptcy for minimum two years. However, exceptions can also be made.
  8. A property appraisal from Federal Housing Administration approved appraiser is a must for the borrower.

 

Since, in today’s world, it becomes very difficult to even qualify for the mortgage without a decent down payment and the FICO score. But the FHA Mortgage Texas has made this possible for the people and helped them a lot in settling down with the help of the mortgages. There are very few restrictions for qualifying for the FHA loans that compared to the conventional mortgage loans. The borrower has a higher backend ratio as compared to the other mortgages because of the debt-to-income requirement. Also, like the FHA Mortgage Austin does not have a strict requirement as that of FHA Mortgage Texas, there is a slight catch here. The mortgage insures premiums in two different ways. One is the financed into the mortgage way and the other is the simple monthly payment.

 

 

 

Duration the borrowers have to pay the FHA Mortgage insurance:

The duration of the pay to the FHA Mortgage insurance normally depends on the terms and the LTV ration on the origination date of the loan. If the LTV is greater than 90% at the time the loan was originated, the borrower must pay the insurance of the mortgage for the entire loan. And if the LTV is less than 90%, then the borrower must pay the mortgage insurance for 11 years or for the terms of the mortgage.

 

About Author:
FHA Mortgage Guru offers home loan with loan down payment and is available to homebuyers with less than perfect credit score. For More info: https://fhamortgageguru.com/

 

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KEY POINTERS TO KNOW OF FHA MORTGAGE

What is FHA Mortgage?

In today’s world, many cannot simply think of settling down by owning a house. In there comes the FHA to rescue. Federal Housing Administration or FHA is a branch of the Department of Housing and Urban Development of United States. These are usually government based mortgages and are fully insured by the Federal Housing Administration. In case of financial crisis, the FHA Mortgage Texas borrowers pay the insurance of the mortgages to the borrower which in turn protects the lender from any loss if the borrowers get defaulted on the loan. For the first-time home buyers, the FHA Mortgage is very popular and demanding.

Eligibility criteria for FHA Mortgage

  1. The main eligibility criteria for the FHA Mortgage is the credit score and the down payments.
  2. Only a down payment of 3.5 % and a minimum FICO score of 580 is required to qualify for the FHA Mortgage.
  3. A valid Social Security number is required for the borrower.
  4. The borrower should be a lawful resident of the US and should also attaint the required age to sign the mortgage papers.
  5. The borrower should have a minimum of two years’ work relationship with the same employer.
  6. The new FHA Mortgage Austin loans are available only for the primary residence.
  7. Minimum of two years the borrower should not be bankrupt.

 

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Tips for Choosing the Right Mortgage Company

FHA Mortgage Texas

You should make sure that if you are going to be taking out a home loan that you are choosing the right company to help you like FHA mortgage San Antonio. You should ensure that you know some of the best tips for picking the right company for your needs, so make sure to do your research. Here are just some of the best tips to think about before getting your loan.

 

Tips to Follow

 

When it comes to a FHA mortgage Texas you should make sure that you know what you should be doing. First, you need to make sure that you can get pre-qualified, which will help you when you start to do the application for the loan. This will help you to determine how much you can afford as well. You also need to compare the interest rates that are being offered by FHA mortgage Austin to find the best one for all of your needs.

 

When it comes to getting a home loan there are plenty of options and things that you need to consider. Make sure that you are comparing the various interest rates that the companies like FHA mortgage Houston have to offer you. Not only that, but make sure to be pre-qualified and know how much you can afford.