Let's talk about what you need to know about an FHA Loan Blue Springs because I know you want to learn more about them. You probably already know that FHA home loans are extremely popular because they have a ton of advantages for the home buyer! If you're ready to get pre-approved for your FHA loan - then click here to start the pre-approval process!
The FHA home loan is a great program because it really helps out the buyer with incredible benefits when you are approved for the loan. The benefits begin to come together beginning with less stringent guidelines on the application & approval process and the down payment fees are lower than a conventional loan. This program is backed up by the Federal Housing Authority, what that means is that buyers who have had credit difficulties or simply don't have the money to make a 20% down payment can purchase a home in this great Missouri city.
There are some guidelines that define who can get an FHA loan.
You must have at least Two years of steady employment and during that 2 years your Income must remain the same or hopefully has improved. Your monthly payments for your FHA mortgage can't exceed 30% of your gross income. As with many loans out there today the credit guidelines vary based on multiple factors. You must be able to make a 3.5% down payment (or more if you can afford it); and if you need help with this down payment, the FHA loan allows a family member to help you out with that.
If you make it through the process and are able to get an FHA Loan Blue Springs there are several benefits to FHA Loans: FHA mortgages don't need the usually required 20% down payment, although you will need at least a 3.5% down payment. These loans tend to be 30-year fixed loans, but there are 15 year and adjustable rates available. the closing costs and charges can be combined into the price on the loans, leaving you with more money in your pockets and these loans are easier to get approved for people who have had problems keep their credit excellent. If you've gone through a bankruptcy, had a short sale or had a house foreclosured upon in your credit history the FHA Mortgage Loan is for you. The guidelines for this mortgage loan are much more flexible than the normal conventional loan especially in the case of people who do not have ideal employment or income history. There are grant available to help you make those pesky down payments and the FHA program can help out many people who have unique situations. Don't forget that a generous family member can help you make that 3.5% down payment!
Call us today (816)268-4025 to get pre-approved or check out Facebook and twitter using the links below and thanks for reading about FHA Loan Blue Springs MO with us!