Saturday, August 10, 2013

How and Where to Get an FHA Loan

How and Where to Get an FHA Loan

You will need to make a down payment of at least 3.5% to get an FHA loan. This is one of the major appeals of the program — it requires less money down than a conventional mortgage. But this will depend on your credit score. If your FICO credit score is below 580, you’ll be required to put at least 10% down (if you can get approved at all).

Read more: http://www.homebuyinginstitute.com/2013/07/how-to-get-an-fha-loan/#ixzz2bZnhP3Kz


“The relationship of the mortgage payment to income is considered acceptable if the total mortgage payment does not exceed 31% of the gross effective income. A ratio exceeding 31% may be acceptable only if significant compensating factors … are documented.”

Read more: http://www.homebuyinginstitute.com/2013/07/how-to-get-an-fha-loan/#ixzz2bZnsWJbv


Documents Need for FHA Loan
  • W-2 statements for the last two years (for income verification)
  • Pay stubs for the last month or two, showing year-to-date earnings
  • Bank statements for the last couple of months, for all of your accounts
  • Statements for any investment accounts you have (additional assets)
  • If you’re self-employed, you’ll need tax returns for the last two years
  • Divorce paperwork, if applicable
  • Bankruptcy paperwork, if you’ve ever filed for bankruptcy
The lender might ask for additional item not on this list. But these are the most common documents needed for an FHA loan.


Read more: http://www.homebuyinginstitute.com/2013/07/how-to-get-an-fha-loan/#ixzz2bZnyB8Gd


Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*

Louisville, KY 40222*