FHA Loans Kansas City

Mortgage and Lending with Leader One Financial 164545

FHA Loans Kansas City

I thought I'd touch a little bit on FHA loans in case you might be needing a refresher and want to know more about them. As you know, FHA loans are one of the most popular loans on the market. and they have several advantages, You can apply here for an FHA Loan Kansas City!

The FHA home loand can help more homeowners purchase property because of the amazing advantages that it brings to each person who is approved for one. Along with less stringent guidelines for applications and approvals and  lower down payment fees. Because the US Government backs up this program, lenders with less-than-ideal credit or finances have the option of purchasing a home.

FHA Loan Requirements:

- Two years of consistent employment.

- Income over the past two years is the same or has increased.

- Monthly payment of a FHA mortgage cannot be more than 30% of gross income.

- Credit guidelines will vary.

- Put down at least 3.5% down payment; can be made by a family member.

 Advantages to FHA Loans:

-  FHA loans require less than the traditional 20% down, but do require a 3.5% down payment.

- FHA loans are typically 30-year fixed loans, but 15 year and adjustable rates are available too.

- FHA loans closing costs and fees can be rolled into the cost of the loans.

- FHA loans are easier to get approval for those with poor credit.

- FHA loans work with people who've undergone bankruptcy, short sales or foreclosures in the past.

- Flexible guidelines (more flexible than conventional loans) for those who don't have ideal employment or income history.

- There are several programs to meet each buyer's unique situation, and grants available for down payments, too.

- Down payments MAY be made by a family member.

Don't forget you can call us today (816)268-4025 to start getting pre-approved or connect with us on Facebook

 FHA Loans Kansas City

Posted by

Darren Copeland | Home Loans | Lee's Summit MODarren Copeland, Vice President LeaderOne Financial

4967-B NE Goodview Circle, Lees Summit, MO 64064

(816) 268-4025

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