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An FHA loan is a mortgage insured by the Federal Housing Administration, a government agency within the U.S. Department of Housing and Urban Development. This loan is ideal for first time home buyers because better rates are offered by lenders because of the fact that it IS backed by the government.
● Must be 18 years or older
● U.S. Citizens
● Green Card Holders (non U.S. Citizen)
● H-1B Visa & EAD Card Holders (non U.S. Citizen)
| CRITERIA | LOAN DETAILS |
|---|---|
| CREDIT | MINIMUM 500 FICO |
| LOAN-TO-VALUE | 96.5% LTV WITH A 620 FICO OR HIGHER 90% LTV IF FICO IS BELOW 580 |
| DEBT-TO-INCOME | MAXIMUM 43% DTI RATIO |
| OCCUPANCY | OWNER OCCUPANCY IS REQUIRED = PRIMARY RESIDENCE |
| TERMS | 15/20/30 YEAR FIXED | 5/1 ARM |
| TRANSACTIONS | PURCHASE | REFINANCE: CASH OUT/ RATE&TERM |
| APPRAISAL | AN APPRAISAL IS REQUIRED |
| ELIGIBLE PROPERTIES | SFR|1-4 UNITS|ATTACHED/DETACHED PUDs| LOG HOMES| MODULAR HOMES|MANUFACTURED HOMES |CONDOS |
| HAVE BANKRUPTCY? | MUST WAIT 2 YEARS AFTER BANKRUPTCY |
| HAVE FORECLOSURE? | MUST WAIT 3 YEARS AFTER FORECLOSURE |
| HAVE SHORT SALE/ DEED IN LIEU? | MUST WAIT 3 YEARS FROM COMPLETION |
| INCOME [IF SALARIED] | 2 YEARS OF TAX RETURNS & W2s | & YTD PAY STUB |
| INCOME [IF SELF-EMPLOYED] | 2 YEARS OF BUSINESS AND PERSONAL TAX RETURNS IF NO TAX RETURNS, A PROFIT & LOSS WILL BE REQUIRED |
| ASSETS | PAST 60 DAYS OF ALL ASSET ACCOUNTS |
| EMPLOYMENT VERIFICATION | PROVE EMPLOYMENT FOR PAST 2 YEARS |
| PROOF OF IDENTITY | PROOF OF IDENTITY DRIVERS LICENSE AND SOCIAL SECURITY CARD |
An FHA loan is a mortgage insured by the Federal Housing Administration, a government agency within the U.S. Department of Housing and Urban Development. This loan is ideal for first time home buyers because better rates are offered by lenders because of the fact that it IS backed by the government.
● Must be 18 years or older
● U.S. Citizens
● Green Card Holders (non U.S. Citizen)
● H-1B Visa & EAD Card Holders (non U.S. Citizen)
| CRITERIA | LOAN DETAILS |
|---|---|
| CREDIT | MINIMUM 500 FICO |
| LOAN-TO-VALUE | 96.5% LTV WITH A 620 FICO OR HIGHER 90% LTV IF FICO IS BELOW 580 |
| DEBT-TO-INCOME | MAXIMUM 43% DTI RATIO |
| OCCUPANCY | OWNER OCCUPANCY IS REQUIRED = PRIMARY RESIDENCE |
| TERMS | 15/20/30 YEAR FIXED | 5/1 ARM |
| TRANSACTIONS | PURCHASE | REFINANCE: CASH OUT/ RATE&TERM |
| APPRAISAL | AN APPRAISAL IS REQUIRED |
| ELIGIBLE PROPERTIES | SFR|1-4 UNITS|ATTACHED/DETACHED PUDs| LOG HOMES| MODULAR HOMES|MANUFACTURED HOMES |CONDOS |
| HAVE BANKRUPTCY? | MUST WAIT 2 YEARS AFTER BANKRUPTCY |
| HAVE FORECLOSURE? | MUST WAIT 3 YEARS AFTER FORECLOSURE |
| HAVE SHORT SALE/ DEED IN LIEU? | MUST WAIT 3 YEARS FROM COMPLETION |
| INCOME [IF SALARIED] | 2 YEARS OF TAX RETURNS & W2s | & YTD PAY STUB |
| INCOME [IF SELF-EMPLOYED] | 2 YEARS OF BUSINESS AND PERSONAL TAX RETURNS IF NO TAX RETURNS, A PROFIT & LOSS WILL BE REQUIRED |
| ASSETS | PAST 60 DAYS OF ALL ASSET ACCOUNTS |
| EMPLOYMENT VERIFICATION | PROVE EMPLOYMENT FOR PAST 2 YEARS |
| PROOF OF IDENTITY | PROOF OF IDENTITY DRIVERS LICENSE AND SOCIAL SECURITY CARD |
