FHA loan programs for American home loan seekers

After Great Depression in 1930 when the rate of foreclosure in USA raised sharply the “FHA Loan” program was originated by Federal Housing Administration of America. FHA loan is a federal assistance mortgage loan which is given to low or moderate-income families for purchasing or refinancing their home.

FHA loan program don’t generate funds for borrowers rather it insure loans made by lenders. FHA insures the borrowing amount up to a certain limit depending upon the loan amount and the program borrower choose. This loan scheme also encourages lenders to provide loan to those borrowers who can’t meet all the loan requirements. FHA loans programs offer you the following:

Low down payment (less than 5%)
Low closing cost
Easy credit qualifying

Qualifying guidelines for FHA loan:

Two years of steady employment, preferably with the same employer.
Income of last two years should be the same or increasing.
Foreclosure should be at least two years old.
Bankruptcy should also be at least two years old
Credit report should be less than two thirty days in the last two years.
New mortgage payments must be approx 30% of your gross monthly income.

These all are some basic qualification criteria to be eligible for a FHA loan. If maximum of these points fit for you; you can think for a FHA loan.

Thought you couldn't qualify for a mortgage? Think again. Learn how easy FHA Qualification can be.

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