FHA loans are often referred to as a “first-time buyer” loan. However, you can utilize the leniency and purchasing power of an FHA home loan at any time.
Many first-time buyers use an FHA loan to purchase their home for numerous reasons, not-so-perfect credit, recent major credit event, gaps in employment and much more.
With a low down payment required (3.5% of the purchase price), FICO scores down to 580+ and flexible guidelines, an FHA home loan is always a viable option for you.
Payment
Low down payment required on all FHA Home Loans.
Various Programs
Add down payment assistance to any FHA loan.
Types Of Properties
Single Family, Condo’s and Manufactured allowed!
Lenient Guidelines
Less than a perfect credit history is okay with FHA.
FHA only requires a 3.50% down payment on all types of homes when FICO is 580+.
With such flexible credit requirements, FHA will go below a 580 FICO score but may require more down payment.
The sellers can help with closing costs. FHA allows up to 6% in seller assistance based off of the purchase price.
FHA allows for a “streamlined” option to lower the rate and payment. No appraisal, minimal documentation.
FHA has one of the most flexible “DTI” requirements out there. Purchase the home you want when carrying debt.
Working for yourself? No problem we got you. Qualify for your new home based off last two years of tax returns!
You need to wait 3 years after a short sale, or foreclosure to get another FHA loan. You need to wait 2 years from a bankruptcy.
NMLS# 237341, 230070
LendPro Mortgage is a DBA of American Financial Network, Inc. Corp
A pre-approval does not constitute a loan commitment or guartantee of a loan. Pre-Approval is subject to satisfactory appraisal, satisfactory title search and no meaningful change to borrower’s financial condition.
