In fact, almost anyone who has a satisfactory credit record,
enough cash to close the loan, and sufficient steady income
to make monthly mortgage payments can be approved for this mortgage.
There is no upper age limit and no certain income level required,
although individual mortgage amounts are limited by law. Generally,
homebuyers must live in the home in order to get this loan.
The program is not open to investors.
The Federal Housing
Administration was established to encourage home ownership throughout
the country with the belief that home ownership increases the
stability of a community. Prior to the creation of the FHA,
large down payments were required to secure a home mortgage
loan. At present, a minimum of 3% investment is required by
the borrower for the purchase of a home. As an incentive to
investors who purchase mortgage loans, FHA insures the loan
against default, should the borrower fail to repay. FHA guidelines
also allow for greater flexibility with regards to credit history
and qualifying ratios.
in the mortgage lending industry, we've built our reputation
on providing outstanding service to our clients. That means
you can count on us to always look out for your best interests,
and to keep you informed throughout every step of the lending
If you would like
more information, please give us a call 808.357.5326