FHA Mortgage Loan Guidelines

FHA Loans

FHA Mortgage Loan Guidelines

The Federal Housing Administration has created the FHA insured mortgage loan programs to make home purchase affordable to first time home buyers and repeat home buyers. California, Illinois, and Florida FHA mortgage loan guidelines are much more lenient than other mortgage loan programs because the mortgage loan is guaranteed against losses by the United States Federal Housing Administration. FHA mortgage rates Florida are allocated by loans that are insured by the United States Housing and Urban Development, also known as HUD.

FHA Mortgage Rates Florida: What are the 2013 FHA mortgage loan guidelines?

FHA loan guidelines allow mortgage lenders to offer mortgage loan borrowers low down payments and lower credit scores than conventional mortgage loans. The Federal Housing Administration insured mortgage loan program has help millions of families become homeowners since 1934.

The Federal Housing Administration does not originate mortgage loans. If you are interested in qualifying for a mortgage loan in California, Illinois, Florida, you need to consult the services of a FHA mortgage rates California, Illinois, Florida state approved home lender like myself. FHA insures the mortgage loan to FHA approved mortgage lenders. There are various FHA mortgage programs. First time FHA mortgage loans, FHA mortgage refinance loans, FHA mortgage streamline loans, Cashout FHA mortgage refinance loans, and FHA 203k mortgage loans are all available. See if you qualify!

Minimum Credit Scores to Qualify for FHA Loans

How can you get one step closer to FHA mortgage rates California, Illinois,Florida that will be an affordable reality? Most FHA mortgage lenders require a minimum credit score of 640 FICO. However, I can specialize in bad credit home loans and high debt to income ratio mortgage loans for mortgage loan borrowers in California, Illinois or Florida. Most of my California, Illinois and Florida FHA mortgage loan borrowers have credit scores below 600 FICO. The lowest credit score that meets my wholesale lenders FHA mortgage loan guidelines is a FICO score of 580. For mortgage loan borrowers whose credit scores fall between 530 and 580, the minimum down payment required is 10%. If you have lower credit scores and have credit scores below 580 FICO in Illinois or Florida, still contact me where I can help you repair your credit and boost up your scores so you can qualify for a 3.5% down payment FHA mortgage loan.

All FHA Loans per FHA Mortgage Loan Guidelines needs to be Owner Occupant Homes

FHA mortgage loan guidelines require that the home needs to be an owner occupied home. Second homes and investment homes do not qualify for FHA mortgage loans. FHA mortgage loan guidelines require that the property be 1 to 4 unit residential properties, single family homes, townhomes, condos, and manufactured homes. As mentioned earlier, FHA mortgage loan guidelines require the borrower to put a downpayment of 3.5% down which the down payment can be gifted by family members only. Escrow accounts is mandatory on FHA insured mortgage loans. The mortgage lender will collect taxes and insurance of your home every month along with your principal and interest payment and pay taxes and the insurance premium directly.

Other FHA Mortgage Loan Guidelines

Other FHA mortgage loan guidelines include that the FHA mortgage loan borrower have a two year employment history. If you are a recent college graduate and just landed a job, the college will be counted towards the two years employment history just as long as your job is similar to the field of study in school. Most FHA insured mortgage lenders like to see a debt to income ratio of no greater than 43%. However, my specialty is helping mortgage loan borrowers in California, Florida and Illinois who have high debt to income ratios. I have wholesale FHA mortgage lenders that will qualify a Illinois or Florida mortgage loan borrower with debt to income ratios as high as 56.9%.

FHA Mortgage Insurance Premium

Another FHA mortgage loan guideline to good FHA mortgage rates in California, Illinois, or Florida is that a FHA insured mortgage loan borrower needs to pay an upfront mortgage insurance premium of 1.75% of the mortgage loan amount and an annual mortgage insurance premium of 1.35%. The majority of FHA mortgage loan borrowers choose the 30 year fixed rate mortgage loan program but 15 year fixed rate mortgage loan programs are available as well.

If you have any questions on FHA insured mortgage loan programs, please contact me at 262-716-8151 or email me at gcho@gustancho.com or you can always visit me and subscribe to our newsletter at www.gustancho.com.

Gustan Cho, NMLS ID 873293

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The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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