As a real estate professional I find it my duty...my job...my responsibility...my desire to know which financing options are available for my buyers in the Whatcom and Skagit County areas.
Although, I'm no expert on conventional financing, I know enough to keep my buyers informed. One of the more increasingly popular means of financing during these tight times is FHA financing. Find out more...FHA Financing - What it is and How it can Benefit you in today's Market!
FHA guidelines are one of the easiest forms of financing to qualify for these days.
FHA loan Qualification Guidelines
- 2 Years of steady, consistent employment
- Last two years Income should be consistent or increasing
- 2 year clean credit history required
- Bankruptcy's must be at least 2 years old, current credit must be good
- Foreclosure's must be at least 3 years old, current credit must be good
- New mortgage payment cannot exceed 30% of gross income
There are great options for FHA all across the board. Contact me for more information regarding financing options in this buyers market. Search for Washington bank owned properties, seller financed properties, lease options, and more.
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Here are some more interestingfacts...I just approved someone for FHA with out a Credit Score. Good or bad FHA will allow debt to income over 50% in some situations. Easy to qualifyfor? Unfortunatelymany loan officers saw this as the ";New Subprime"; and dumped loans into FHA. FHA is smarting up and tighteningrequirements. Always beware that a loan officer can make more money on FHA. The borrower may not know that the loan officer is making more for a higher rate. Also, there is a FHA funding fee for a purchase of 1.75%. This is rolled into the loan and does reduce mortgage insurance premium, but you are paying more for it over time. This loan is not for everyone. Check into conventional loans to compare the pros and cons of each. FHA is a great option for many people.