What’s The Scoop With The FHA Loan Program?

Published On: March 30, 2019|Categories: Jasper IN Real Estate|Tags: FHA Home Loan Program, FHA loan, mortgage insurance, PMI|

Have you heard of the FHA Home Loan Program? The FHA is the Federal Housing Administration. The FHA helps first-time homebuyers more often than any other program. The requirements for qualification for the FHA Home Loan Program are more flexible than other loan programs. Here are the requirements for qualification:

The property you buy with the FHA Home Loan Program must be your primary residence.
You can’t use the property for investment purposes.
You have to be able to prove steady employment. That means the FHA will need to see tax returns, bank statements, W-2s and paystubs.

Your credit score must be about 580 to qualify for a downpayment of just 3.5 percent. Plus, if you don’t have the money for a downpayment, the FHA Home Loan Program lets your friends and family pay for your downpayment as a gift if they want. Some other home loan programs don’t allow this. Now, if your credit score is between 500 and 579, you won’t be eligible for the 3.5 percent downpayment. In that case, you will need to come up with a 10 percent downpayment.

You should know going into this though, if you choose to use the FHA Home Loan Program, you will be required to also pay for mortgage insurance at first. This insurance is what protects the lender in case you don’t pay your mortgage.

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