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Basic Guide To FHA Loans

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Basic Guide To FHA Loans

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  1. Basic Guide To FHA Loans Federal Housing Administration Loan is insured by U.S. Department of Housing and Urban Development (HUD) and is popular among first time home-buyers. Borrowers having a credit score of 580 are required to make 3.5% down payment and 10% down payment is required for credit score 500-579. Extra funding for renovations and repairs can be borrowed above & beyond the purchased loan through FHA 203k program. Gift funds are allowed subjected to FHA guidelines. Borrowers can fund their down payments & closing costs with the gift money. For being eligible for an FHA Loan, borrower should demonstrate enough monthly income to pay back the loan. FHA Loan limit is based upon number of units in the property & if the property is situated in low-cost or high- cost areas defined by FHA guidelines. You should have DTI ratio of 31/43. However, a DTI ratio of 50% is allowed in some exceptional cases. 107 W. Hwy. 190 Copperas Cove, TX 76522 254-542-5100 2201 Trimmier Rd. Killeen, TX 76541 254-680-6158 14641 S. Padre Island Dr., Ste. B Corpus Christi, TX 78418 3106 S. WS Young Dr., Bldg. D, Ste. 402 Killeen, TX 76542 254-953-7000 361-949-4647 10961 Gateway Blvd. West, Ste. 200 El Paso, TX 79935 915-843-2681 8522 Broadway St., Ste. 208 San Antonio, TX 78217 210-340-0404 1320 N. Zaragoza Rd., Ste. 111 El Paso, TX 79936 915-858-1996 7348 W. Adams Ave., Ste. 200 Temple, TX 76502 254-771-0020 16165 North 83rd Ave., Ste. 200 Peoria, AZ 85382 201 E. Central Texas Expwy., Ste. 1600 Harker Heights, TX 76548 254-680-6155 480-752-3110 100 W. Central Texas Expwy., Ste. 300 Harker Heights, TX 76548 254-690-3765 www.fcmloans4u.com

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