What is an FHA Loan?
An FHA loan is a federally-backed mortgage loan that is insured by the Federal Housing Association. With this loan, your down payment could be as low as 3.5% of the loan amount. Credit requirements are easier with an FHA loan and closing costs are minimal. Most lenders are FHA-approved and My Perfect Mortgage can match you with the right one.
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Common Questions about FHA Mortgage Loans
An FHA loan is not exclusively for low-income buyers or first-time home buyers. If you can meet the required credit and debt-to-income ratio guidelines, and you have sufficient funds for a down payment, you’ll likely qualify.
Yes, if you’ve had a bankruptcy in the past, you’re not disqualified from an FHA loan if a court has dismissed or discharged your loan before you apply.
If you’ve had a foreclosure in the past you must wait at least three years before you can apply for an FHA loan, provided that you’ve reestablished good credit since then.
There is one upfront insurance fee due with an FHA loan at the time of home purchase. That amount is 1.75% of the loan. The second fee is an annual mortgage insurance premium (MIP) and ranges from .45% to 1.05% of the loan. This fee is paid monthly with your mortgage payment. FHA MIP usually lasts the life of the loan.