How to Get an FHA Loan

How to Get an FHA Loan. The Federal Housing Administration, FHA for
short, provides mortgage insurance on loans made by FHA-approved lenders throughout the
U.S. Here’s how to get your FHA-insured loan. You will need A low debt load Two years of
employment Good credit An FHA-approved lender A down payment and mortgage insurance. Step 1. Analyze your debt-to-income ratio. Typically any debt load above 41 to 45 percent
is risky for an FHA loan, though lenders vary on exact amounts. FHA will require two years of employment without
a decline in pay. Step 2. Check your credit, income, and rent history
– even parking tickets that might show up on a credit report. Fix whatever you can so your record is clean. Paying rent to parents to live in their home
does not count as a rental record. Step 3. Boost your odds with a 580 or better credit
score. You must have perfect credit since any bankruptcy,
which must be more than two years old, or three for foreclosures. Though they vary by county, loan amounts from
FHA have risen markedly in recent years. Step 4. Find an FHA lender in the newspaper, on the
internet, or in the phone book. Bring the above information to qualify and
find out how much house you can get. Step 5. Provide the down payment – as little as
3 to 5 percent of the home price – and wait for the inspections to follow. Did you know Did you know? FHA has insured more than 34 million properties
in its 75 years.

2 comments on “How to Get an FHA Loan”

  1. NadrianATRS says:

    ugly car 😛

  2. Jeremy Drobeck says:

    Why not just call a lender??

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