Bank Statement Loans 2018
The FHA program was created as part of the National Housing Act on June 28, 1934. FHA was created to help stimulate
the housing market making loans more accessible and more affordable. The FHA program was created as a result of The Great Depression to help anyone including families, the elderly, people on disability and lower-income families be able to buy a home.
Credit score - On January 20, 2010 FHA announced a new policy to address risk. FHA changed the minimum credit score for new borrowers.
Debt-to-income ratio - April 1, 2013 FHA requirements include a maximum debt to income ratio. When a borrower applies for an FHA mortgage, they are required to disclose all debts, open lines of credit, and all possible approved sources of regular income. Using this data, the lender and FHA can calculate the borrower's debt-to-income ratio.
Bank Statement Loans 2018, Bank Statement Loans 2018
Mortgage Insurance - On January 9, 2015 the Federal Housing Administration (FHA) announced the reduction of it's annual Mortgage Insurance Premium (MIP) rates.
Effective on or after January 26, 2015 FHA will reduce the premium from 1.35% to .85% a reduction of .5%.
Combined with low interest rates and the reduction of MIP rates means that it is a great time to buy a home or refinance your mortgage.
Closing cost - FHA allows the seller to pay up to 6% of your closing cost.
If you are buying a $100,000.00 house FHA allows the seller to pay up to $6,000.00 for your closing cost. It must be in writing in the sales contract, "Seller will pay up to 6% of buyer's closing cost."
If you do not write it into the sales contract then you will be paying the closing cost. In the state of Florida closing cost for a $100,000.00 house average around $4,300.00 depending on taxes, insurance and who's paying the transfer tax and owner's title insurance.
By allowing the seller to pay for your closing cost you will decrease
the amount of money required to buy a home. Buying a
$100,000.00 property requires $3,500.00 down payment and if the seller
pays up to $6,000.00 for your closing cost you will only need around
$4,000.00 to buy a $100,000.00 in Florida.
Call us 888.958.5382
www.MORTGAGE-WORLD.com, LLC is a licensed residential mortgage broker in the state of Florida & New Jersey and will match you with the lender that will approve your FHA loan down to a 500 credit score.
We look forward to working with you.
Bank Statement Loans 2018
FHA loans require a minimum 500 credit score to buy a house or refinance
Want to know if you qualify for an FHA loan? Get pre-approved for an FHA loan online.
Jan 15, 18 04:34 PM
FHA $100 down payment program. You can buy a HUD owned property for only a $100.00 down payment. HUD owns the property and offers special financing and were previous FHA loans.
Jan 15, 18 08:45 AM
Thinking of a cash out refinance? The easiest way to qualify is to ask has your mortgage been paid on time for the last 12 months? If it has then you've met the first requirement to get approved.
Jan 11, 18 07:18 PM
Bank statement loans 2018. Are you self employed? Do you need to qualify for a mortgage using your business or personal bank statements? 85% LTV to $1,000,000 minimum loan $150K & 680 credit score.
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