FHA Modernization
Let's clear the air about what FHA can do for you. With the new FHA Modernization Act, congress wants the voting public to know that the government is here for the average American. In order to get the message out they have put out several news releases which highlight the benefits and security of an FHA insured loan.
FHA ,also known as the Federal Housing Authority, insures mortgages made only by approved lenders to individuals, non-profit and government agencies that are then eligible to participate in HUD's programs; HUD does not loan money to homebuyers.
The FHA mortgage programs, under the FHA Modernization Act, do not typically have maximum income limits for qualifying, although you must have sufficient income to qualify for the mortgage payment and other debts you already have. Income may limit you when qualifying for down payment assistance or other secondary financing programs (including those funded by HUD) that may be used in conjunction with an FHA loan
FHA Modernization will gives credit-"worthy" (not necessarily good credit) homeowners, who were making timely mortgage or rent payments the benefit of closing a loan with great rates. Whether you are looking to lower your payments, are a first time home buyer with a low down payment, or even have some credit issues, we can help!
Under FHA Modernization, FHA does not have minimum credit score requirements, although past credit history serves as the most useful guide in determining a borrower's attitude toward credit obligations and predicting a borrower's future behavior. Using FHA's guidelines, lenders will make a credit determination, or approval based on the merits of each parties case. To find out if you qualify for an FHA Loan , and how much you can borrow based on your income and debts, you should get pre-qualified today.
