We try to write an informative article everyday and today we'd like to focus on FHA Loans Lee's Summit. Both are great in their own way: FHA Loans are great for first time home buyers and for folks who don't have a down payment and Lee's Summit Missouri is a great community close to the "big city" of Kansas City but has the feel of a small town. That's why we're proud to be located there and happy to help you with an FHA Loan and all your mortgage pre-approval needs.
We'd like to explain just a couple things about the FHA Loan that make it so amazing, so sit back and relax how you can couple these two into one great deal.
Your new home will likely be the biggest investment of your life and people save for years to get a down payment, but if you're not one of the 'saving' type people then you might consider the FHA mortgage program because of it's lower down payment. Instead of having to pay the full 20% down payment that is required by the conventional loan program, you'll only have to pay 3.5% minimum. We know that for many of you this could be one of the reasons you're still in that apartment complex but we also know that this could be the informaton you needed to know to move into your new home as well
With FHA Loans Lee's Summit you can have a higher debt-to-income ratio. This is a technical term that local mortgage lenders use to look at how much debt your have vs. how much income you currently have. They consider your revolving debt, student loans, child support, alimony, auto loans, credit card payments and your mortgage if you're currently in a home now and compare that against how much money you make (before taxes and deductions are removed.)
The final reason to consider an FHA Loan is the credit score qualificiation requirements, everyone knows that you must have a good credit score to qualify for a loan, If you're pursuing an FHA Home Loan then this credit score is "relaxed," but you will still need to have a 'good' credit score to qualify.
We hope you've learned something from this post that will lead you to purchasing that dream home very soon in the Lee's Summit, MO area! We're happy to help anytime give us a call at 816-268-4025 and chat with us about FHA Loans Lee's Summit!