What are FHA loans?

FHA loans are flexible, low-cost loans that have long been a staple for first-time buyers and those with low to middle incomes. These government-backed loans come with a host of significant benefits for qualified borrowers, including low down payments, competitive rates and higher debt-to-income ratios than most conventional loans.

FHA loans come with loan limits that vary by geography. Click here https://entp.hud.gov/idapp/html/hicostlook.cfm to see what the FHA loan limit is in your area.

Are you Eligible?

Many borrowers can more easily qualify for an FHA loan than for a conventional one. They typically come with less stringent credit requirements, and borrowers with a history of foreclosure or bankruptcy may still be eligible.

When considering eligibility, the FHA typically looks for at least two years of steady employment and income; a credit score of at least 620 with no more than one 30-day late payment in the last year; and that the new mortgage payment is no more than 30 percent of your gross income.

Want More Information?

Visit the Mortgage Loan Place to find out the latest news and updates to the FHA Loan program. Recently, the FHA has updated their lending limits in certain areas, you can find these new limits by visiting the Mortgage Loan Place FHA Loan Limits section or calculate your new home with their Mortgage Calculator.

Obtaining a FHA Loan shouldn't be a difficult task and why not visit the Mortgage Loan Place to find out just how easy the process can be. It can get you one step closer to buying your very first home! You may also visit the FHA's Home page by clicking here