The Federal Housing Administration offers FHA loans to consumers who are ready to buy homes. There are FHA-approved lenders who provide the loans; the FHA insures them. You must meet certain guidelines and qualifications if you wish to apply for and be approved for fha loans los angeles ca. Save some time and learn more about the qualifications for the FHA loan below.
FHA loans may be used to purchase a home with one – four bedrooms, a manufactured home, or a condominium. The home must be the primary residence where you will live. Additionally, applications must meet the following qualifications to get an approval:
· Must complete an application
· Must have a social security number
· Must be a legal resident of the U.S.
· A 3.5% of better down payment is needed to qualify for a loan
· A minimum 580 credit score
· Two-year verifiable work history
· Debt-to-income ratio must be no more than 31% of your gross income
· You must purchase FHA loan mortgage insurance
· At least two years since a bankruptcy
If you want to improve the odds of being approved for an FHA loan, clean up your credit before you apply. It is easy to request free copies of your credit reports to learn if there is anything that you can correct. Make sure that you apply with the right lenders as well. Some lenders make it easier to qualify for a loan than others.
Owning a home is the American dream, but not all mortgage lenders make that easy. If you meet the qualifications above, the FHA may be able to change that and help make your dreams a reality. Learn more about the FHA loan, the application process, and how to work towards your goals of owning a home.