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FHA for 1st Time Homebuyers
If you are a 1st Time Homebuyer, the options for a mortgage loan in Wake County are incredible! We suggest that you compare the FHA loan to other programs out there. Granted, there are pros and cons of FHA financing -but it just got better for those of us in the Research Triangle! The minimum FHA loan limit is now $295,000 for most of this area, and in some cases a little bit higher! An FHA loan is insured against default by the Federal Housing Administration / HUD. If the loan ever goes into default, the FHA (and the government) will pay the lender. With the current high foreclosure and default rates, FHA financing is very attractive for lenders - and it’s one of the few loans that Wall Street is purchasing! There are few restrictions to getting an FHA loan. There are no income limits, like you will find with many other first time homebuyer programs. To qualify you need to meet certain debt to income ratios - and in general those ratios mean that you should have no more than 43% of your gross income going to monthly debt, (although if you receive retirement or social security income it can be grossed up). Credit score requirements are much more flexible than Conventional financing and should be at least 600. There are some circumstances where this score could be lower, especially if you can prove a medical condition that caused late payments. FHA loans are fully documented income loans, certainly self-employed people get FHA loans - but we will need tax returns and income statements from your CPA to verify your income. |
http://www.meridian-residential.net
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