Home - Mortgage Loans | Personal Loans | Bad Debt Loans | Foreclosure Loans
Apply for a Loan | Best Auto Loans | Best Bad Credit Auto Loans | Best Bad Credit Loans | Best Bill Consolidation Loans | Best Cash Advance Loans | Best Credit Cards | Best Credit Repair Tips | Best Debt Consolidation Loans | Best Free Credit Reporting Tips | Best Home Equity Loans | Best Mortgage Loans | Best Pay Day Loans | Best Personal Loans | Best Products on the Internet | Best Unsecured Loans
Great Financial Advice
Apply for a Loan
Latest Financial News
Rate Lock Advisory
Best Products
Join Our Mailing List
Contact Us
Loan Articles Index
Auto Loans
Bad Credit Auto Loans
Bad Credit Loans
Bill Consolidation Loans
Cash Advance Loans
Credit Cards
Credit Repair Tips
Debt Consolidation Loans
Debt Reduction Loans
Foreclosure Loans
Free Credit Reporting Tips
High Risk Loans
Home Equity Loans
Home Loans
Lawsuit Loans
Mortgage Loans
Pay Day Loans
Personal Loans
Products on the Internet
Real Estate Services
UK loans
Unsecured Loans
Loan Article Index
Loan Articles A-G
Loan Articles H-Q
Loan Articles R-Z
Mortgage Calculators
Mortgage Calculator
Mortgage Amortization Calculator
Rent vs. Buy Calculator
How Much Can I Afford Calculator
Auto Payment Calculator
Click here to Sign up for Email and Newsletter

 

redhotloantips fat loss


How To Qualify for First Time Home Buyers FHA Home Loan Programs

Written by: John Williams

FHA offers the most popular home loan programs among first time home buyers. This is mainly because of the low down payment and easy qualifying criteria's.

FHA, which stands for Federal Housing Administration, is a governments backed loan. Most people are not aware that FHA does not provide loans. Instead, the loan which your lender provides to you, will be backed up and insured by FHA.

In other words, if you default on your loan, your lender will be covered by FHA insurance funding. This represents the main reason why it's easier to qualify for the FHA Loan Program.

Normally the only criteria's that a lender will request in order to qualify for the program include:

* 1. Credit Score. A credit score above 575, which is poor but moderate credit. Also, they will expect you not to have any derogatory accounts on your credit report. All past collections should be paid off upon submission of loan application.

* 2. Good and stable employment history. You will need at the least two years at your current position and or two years of employment history in the same line of work.

* 3. Down payment. You need funding to pay for closing cost and down payment cost. The closing cost normally range from 2-3% of home value and the down payment averages around 3% or more of the home value. There are FHA programs that offer zero down loans.

The amount your lender will lend to you depends on your income and the amount of your current debt. FHA figures your loan amount based on your monthly income and total debt combined with future mortgage expenses. They request that all of your debt not exceed 45% of your monthly income. This amount includes PITI (principal, interest, tax, and insurance.

For example:

If your gross monthly income is 4500.00, your monthly mortgage and debts can not exceed 2025.00. If you current debt averages 1000.00, you will only qualify for a monthly mortgage not to exceed 1025.00 including PITI.

Most lenders are strict with this criterion and will ask to see two years of W2's and six months to a year of pay stubs; in order to verify your monthly income is stable and does not fluctuate per month.

To get the best benefits of the FHA loan program find a lender that is most compatible with your current financial and credit situation.

=================================================
A great, low interest mortgage rate can be found, if you know where to look. Discover useful information and advice on Mortgages for home loans. Click ==> http://www.mortgagerates-info.com/

About the Author

** Attn Ezine editors / Site Owners **
Feel free to reprint this article in its entirety in your ezine or on your site so long as you leave all links in
place, do not modify the content and include my resource box as listed above.


Other Related Articles:

Taking the Time to Find the Best Loan Offers
When you're looking for a loan, it might seem easy to simply accept the first loan offer that you receive. While it's true that you might receive a good deal on a loan this way, there's an even greater chance that you'll end up missing out on...read more

Loans For Bad Credit
Personal debt in the UK has soared to record levels over the past few years. The Bank of England has recently confirmed that personal debt on a national level now amounts to more than 1,065 billion. Recent media reports suggest however that...read more

Ten Ways Start-ups Use Venture Leases And Loans To Generate Millions
The rise of venture leasing and lending has created an opportunity for sophisticated entrepreneurs to gain a competitive advantage. Savvy entrepreneurs are using venture leases and loans to generate millions of dollars for shareholders by leveraging...read more


Return to Home

468x60

Best Auto Loans, Best Bad Credit Auto Loans, Best Bad Credit Loans, Best Bill Consolidation Loans, Best Cash Advance Loans, Best Credit Cards, Best Credit Repair Tips, Best Debt Consolidation Loans, Best Debt Reduction Loans, Best Foreclosure Loans, Best Free Credit Reporting Tips, Best High Risk Loans, Best Home Equity Loans, Best Home Loans, Best Lawsuit Loans, Best Mortgage Loans, Best Pay Day Loans, Best Personal Loans, Best Products on the Internet, Best Real Estate Services, Best UK loans, Best Unsecured Loans
Subscribe to Mailing List | Private Policy | Unsubscribe | Site Map