Your real estate agent or co-worker may have mentioned to you about buying a home using FHA financing. The current down payment is a minimal 3.5% of the purchase price. The Federal Housing Administration (FHA) has eligibility standards that need to met prior to lender approval. Do you qualify? An FHA specialist will review your income, assets, and credit to make sure you fit FHA guidelines. This is called the application process. After an application is reviewed and credit is run you will receive a decision from the specialist. Once you receive the green light to buy a home with a specific dollar amount your are considered “Pre-Approved”.
Find out if you qualify or submit your information for a consultation from an FHA expert.
Note: FHA guidelines in many ways are more forgiving then conventional financing. If you have a unique circumstance or past credit issues that have been subsequently resolved you should apply now to learn your options.