Some great benefits of Getting an FHA Mortgage loan
The Federal Housing Government, also known as FHA, does not lend money right to home buyers to
obtain a home.
Instead, approved lenders issue loans which can be then insured by FHA.
While there are...
More
Some great benefits of Getting an FHA Mortgage loan
The Federal Housing Government, also known as FHA, does not lend money right to home buyers to
obtain a home.
Instead, approved lenders issue loans which can be then insured by FHA.
While there are
several mortgage programs available, the benefits of acquiring an FHA loan are usually numerous.
LegacyLendingGroup.
com
1.
FHA loans accept the lowest down payment of 3.
5% so that lower to middle income buyers can attain
homeownership.
2.
The minimum credit score to have an FHA mortgage by means of automated
underwriting is 620, well below the necessary score for conventional lending options.
Any score below
620 requires manual underwriting to ascertain any compensating factors that may warrant an approval.
3.
The minimum debt-to-income proportion through automated underwriting with an FHA loan is 43%,
well below the DTI dependence on a conventional loan.
For DTI above 43%, manual underwriting and
compensating factors are expec
Less