Apply FHA Loan

Apply FHA Loan

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How to apply for a FHA loan.

Whether you're planing to refinance, buy your first home, lower your monthly payments, buy a second home, consolidate debt or get pre-approved for a mortgage your application will depend on four factors:

Credit - You must have a minimum credit score of 500 to meet most FHA guidelines.

Income - Your debt to income ratio should be below 50% and you should have a two year employment history.

Assets - For purchase loans assets must be sourced and verified.

Property - FHA loans are available for 1-to-4 families dwellings.

Items you will need to Purchase a home or Refinance your mortgage:

* One Months Pay Stubs
* W2's for the last Two Years
* Three Months Banks Statements (all pages)
* Copy of Social Security Number
* Copy of Driver's License
* If Purchase Sales Contract
* If Refinance Current Mortgage Statement

FHA Credit Score

Generally, a borrower who has made timely payments for the last 12 months serves as a guide and demonstrates their willingness to repay future credit obligations. New FHA Policy changes require minimum FICO score to be 580 for or 3.5% down payment or 97.75% loan-to-value rate and term refinance. These FICO requirements went into effect in the spring 2010. However, most individual lenders will still require credit scores higher than 640.

A perfect credit score is not needed for an FHA loan approval. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a for a conventional loan. Sometimes scores down to 500 are accepted if there are compensating factors that offset the credit risk.

Serving Florida

For more information on buying a home, refinancing or to see if you qualify for a home loan please give FHA World a call at (201) 403-8673.

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We look forward to working with you.