FHA Purchase Loans
First time buyer? Looking to move? An FHA loan can help you afford more, and pay less.
FHA loan requirements:
In order to purchase a home with an FHA loan, there are a few, basic loan requirements that the borrower must meet. Generally speaking, the FHA wants borrowers to be able to document their income. The FHA also wants to see verifiable rental history, or if the borrower already owns a home, good mortgage payment history.
Basically, the FHA wants to ensure that borrowers can pay their obligations. The FHA will often take a letter of explanation in extenuating circumstances, if there is a problem with the borrower’s payment history. The FHA also attempts to make sure that a borrower looking to purchase a home with an FHA loan will not have a debt-to-income ratio above 31% if their loan is approved.
In the event that a borrower has had to file a bankruptcy, the FHA requires that the borrower be two years out of the bankruptcy in a Chapter 7 or one year out in a Chapter 13.
For alternative options if you are in bankruptcy, check our Bankruptcy Options page.
Apply Today and get into the home of your dreams with an FHA mortgage.