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FHA Mortgage Loan, The Basic

A Federal Housing Authority loan provides low-cost insured home mortgage loans that suit a variety of purchasing options. Whether you’re buying a home or want or refinance your mortgage, FHA mortgage loan might be right for you. If you’re unsure about your credit rating, or have concerns about a down payment, ENG Lending’s FHA mortgages can give you piece of mind with super low closing costs and flexible payment options.

What are the FHA Mortgage Loan Requirements?
To choose if you qualify for an FHA Mortgage Loan, we will look at:
• Your income and your monthly expenses. Standard debt-to-income ratios are 31/43 for FHA refinance loans. These ratios may be exceeded with compensation factors.
• Your credit history (this is vital, but FHA’s credit standards are flexible). A FICO score of 580 or above is very helpful in obtaining an approval.
• Your overall pattern rather than to individual problems you may have had.

To be eligible for an FHA mortgage, your monthly housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your yucky monthly income (31% ratio). Your credit background will be honestly considered. You must also have enough income to pay your housing costs plus all additional monthly debt (43% ratio). These percentages may be exceeded with compensating factors.

Additionally, to meet current FHA loan qualifications you must:
• Have a valid Social Security Number (SSN)
• Be legal resident of the United States
• Be of a legal age to sign on a mortgage in your state. There is no maximum age limit for a borrower.

Even if you are a U.S. citizen, you must have a valid Social Security Number (SSN). An individual Tax Identification Number (ITIN) is not an acceptable substitute for a SSN.

U.S. citizenship is not required for eligibility. When you indicate on your loan application that you hold something other than U.S. citizenship, the lender must determine your residency status from the documentation you provide. If you are a permanent resident alien, you must provide evidence of lawful permanent residency issued by the Department of Homeland Security, Bureau of Citizenship and Immigration Services (BCIS), formerly the Immigration and Naturalization Service (INS). If you are a non-permanent resident alien, you must show that you are eligible to work in the U.S. by producing an Employment Authorization Document (EAD) issued by BCIS.

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This entry was posted on Tuesday, December 23rd, 2008 at 5:01 pm and is filed under FHA Mortgage. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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3 Responses to “FHA Mortgage Loan, The Basic”

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Tags: Bureau of Citizenship and Immigration Services (BCIS),  Department of Homeland Security,  Employment Authorization Document (EAD),  fha lenders,  fha loan,  FHA Loan Qualifications,  fha mortgage loan,  fha mortgage requirements,  FHA Refinance Loans,  FICO score,  Immigration and Naturalization Service (INS), 

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