FHA Loans Lee's Summit

FHA Loans Lee's Summit

I thought I would touch a bit on FHA loans in case you may be needing a refresher and want to know more about them. As you know, FHA Mortgage loans are one of the most popular loans in the market today because they have more than a few advantages,

You can apply here for an FHA Loan Lee's Summit!

The FHA home loans may also help more home owners purchase property because of the amazing rewards that it brings to each person who is approved for one. Together with less stringent rules for applications and approvals and lower down payment fees. Because the US Government backs up this program, buyers with less-than-ideal credit or funds have the ability to purchase a home.

FHA Loan Requirements:
1. You must have two years of steady employment

2. Income over the previous two years is similar or has improved.

3. Per month payment of a FHA mortgage can't be more than 30% of gross income.

4. The credit guidelines will be different for everyone, but you must put down at least 3.5% down payment; (often is through by a family member.)

In additon to the less stringent requirements; there are also several advantages to FHA Loans: 

1. FHA loans want less than the traditional 20% down, although do need a 3.5% down payment.

2. These loans are generally 30-year fixed loans, however 15 year and adjustable rates can be found too.

3. The closing costs and charges may be rolled into the price tag on the loans.

4. FHA loans are easier to obtain approval for all those with bad credit.

These loans work with people who've undergone bankruptcy, short sales or foreclosures from the past. Variable guidelines (more flexible than conventional loans) for those who do not have ideal employment or income history. There are many loan programs to meet each buyer's unique situation, and grants available for down payments, too. Down payments MAY be prepared by a family member. Don't forget you can check our FHA Loan page call us today (816) 268-4025 to start out getting pre-approved or link up with us on Facebook

FHA Loans Lee's Summit