Applying for an FHA Mortgage is mostly the same as applying for a conventional mortgage. You must apply through an FHA-approved lender. Your lender will have the forms and know-how to get you through the loan process.
A credit score of 620 or more in order to qualify for a 3.5% down payment.
If your credit score is below 620 but at least 500, you can qualify with a 10% down payment.
Here at Mortgage Brothers, we can actually help you find out what your score is and raise it, sometimes up to 100 points in as little as one month! Ask us now!
Before applying for an FHA loan, you should first find out if this is the best way for you to get a mortgage. A conventional mortgage might be a better alternative for you, based on your personal circumstances.
Some sellers will not cooperate with FHA requirements and the loan companies are put to an extra set of rules to follow in order to process FHA loans. Consult with your FHA-approved lender to help you decide.
If the loan amount needed is less than the FHA limit for your county AND your income is relatively low AND you have a spotted credit history, then an FHA Mortgage may be the best choice for you.
No Money Down potential
Low credit scores accepted as long as you can prove financial stability
Someone else may take over the loan easily if you have to get out