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Pointers On FHA Loan Program.

 For most Americans, an FHA loan is the best way to finance the purchase of a new home. Low interest rates, low down payments and simple credit qualifying make a mortgage insured by the FHA a smart choice, especially for first-time homebuyers and those with less than perfect credit. 

 These loans are for the purchase of primary homes such as single family homes, mobile homes or condos.  Loans NOT Eligible include , 2nd homes or investments., vacant land, houseboats, or anything out of the USA.

 FHA loans are full doc loans which means: 2 forms of ID, 2 years of tax returns, 2 months of bank statements, proof of current year to date income and  detailed employer contact information.  Credit is pulled.

 Wages Earners Are Eligible. 

 Self Employed Is Eligible.  Self-employed individuals are eligible for an FHA loan, given that they have been self-employed for at least two years and income can be verified with their last two yearsí tax returns.

 NO Credit?   Yes We Can Do A Loan.  Individuals with no credit history are still eligible for an FHA loan. FHA requires two lines of credit on a personís credit report. In the absence of this, FHA will consider the timeliness of other types of monthly payments, such as rent, utilities, insurance, etc.

 Tax Liens? You could still be eligible for an FHA loan if you have a tax lien on your credit report. The lien must not be delinquent (i.e., the lien must be brought current, paid, or a payment plan must be arranged) in order to qualify.

 Recent  Foreclosure? Three years must have passed since the date of foreclosure, with no collections, judgments, late payments, or missed payments since then. Exceptions are rare.

 Bankruptcy?  Never Be Late Again.

Chapter 13 - At least one year must have passed since the date of filing (with acceptable payment history and court approval).

Chapter 7 - At least two years must have passed from the date of discharge. The borrower must have maintained perfect credit during that time. If the borrower has had late payments on anything credit-related since being discharged they can't get a FHA loan.

 If you can prove you can pay the mortgage I can get you a great loan.

 

 

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