More on FHA Loans

FHA Mortgage Guidelines

Mortgage Insurance
FHA insured loans require mortgage insurance to protect lenders against losses that result from defaults on home mortgages.

 

Lending Limits for FHA Loans
FHA mortgage lending limits vary based on a variety of housing types and the state and county in which the property is located.

 

Your Loan Checklist
Before you start the loan process, you’ll want to be prepared for the loan application. Have your information organized and ready for your loan officer. Be prepared to pay for property appraisal and a credit report.

 

Closing Costs
While FHA defines which closing costs are allowable as charges to the borrower, the specific costs and amounts that are deemed reasonable and customary are determined by each local FHA office.

 

Debt to Income Ratios
In order to prevent homebuyers from getting into a home they cannot afford, FHA guidelines have been set in place requiring borrowers and/or their spouse to qualify according to set debt to income ratios.

 

Credit Issues
An FHA loan applicant’s past credit performance that demonstrates good credit history and a solid track record of timely payments will likely be eligible for the mortgage.

 

Let me assist you by having a Lender and Real Estate Sales Professional contact you for more information and to get free Bank Owned and Standard Property Listings. 

 

 
Cheryl Washington
”Your Real Estate Concierge”
Mailto:relocatewithcheryl@yahoo.com
Mobile: 209-513-1169