How to secure a San Antonio FHA loan |
FHA Loans San Antonio
112 E Pecan St #630, San Antonio,TX 78205,USA Phone :866-772-3802 |
The FHA mortgage is a popular choice to many people because of its relaxed credit requirements. Another attribute that make the loan a popular option to many homebuyers is that its interest rates are competitive. This I because the mortgage is insured by the federal government and lenders are assured of compensation in case you default in loan payment. Through this program, the government aims at attaining of its intention of supporting many citizens to own homes. In order for you qualify for San Antonio FHA loan, you need to meet the following conditions:
Nationality-The mortgage is meant for US citizens who are above 18 years. These citizens must prove that they have been in a steady employment and that they are capable of repaying the loan. You must present updated pay stubs and tax return documents. Scores-The FHA loan requires that you have at least 500 FICO scores to qualify for it. The scores are used to reveal the amount that you should put down. When you have scores that are above 580, you will be required to put down 3.5% of the amount that you’ve applied for. When you have scores that are lower than 580, you will be required to put down 10% of the total loan that you want. The FHA loan also accepts applications from people who’re not scored. However, for this group, other sources of their credit will be used to score them. Credit blemishes-In case your credit history is imperfect due to bankruptcy or foreclosure, you still qualify for the mortgage provided that you fulfil certain conditions. For instance, in case you’ve undergone through a bankruptcy state, FHA requires that you hold on till 2 years elapse from the discharge date before submitting an application. However in order for your application to be considered, you must show that you have overcome the situation by starting making payment. Those who have passed through a foreclosure are supposed to wait until 3 years pass before they apply for this mortgage. Additionally, when applying for this mortgage you must elaborate in written form why you were in this situation. Down payment requirements-The reason why San Antonio FHA mortgage loan demands for a down payment is to mitigate any risk associated with the loan. When you have low scores, many lenders view you as a risky client. This is the reason FHA demands that in case you scores are in between 500 to 579, you will put down 10% of the total loan you’re applying for. On the other hand, applicants with scores above 580 are viewed as less risky and required to put down a paltry 3.5% of the total amount that they are applying for. |
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