FHA insured mortgages are some of the best kinds of mortgages available. This is because they can help more people into the home buying market. Check out the list below to understand some of the most basic benefits of an FHA mortgage.

Easier to Qualify for – because they’re backed by the federal government lenders are more likely to give you the kind of loan that you need.

Low Down Payment – FHA insured mortgages only require a 3.5% down-payment which makes it easier for people to own homes. Additionally the 3.5% can come in the form of gifts, unlike many other loan programs.

Lower Credit Borrowers Qualify – because FHA insured loans are backed by the government those with a poor credit history have an easier time getting this kind of loan.

Better Interest Rates – with the backing of the government these loans typically have a better interest rate than most traditional mortgage loans.

Better Home Stability – the FHA has programs designed to help homeowners keep their homes during hard times. The will work with you to help your home from falling into foreclosure. Always try to work out problems with your lender before the situation becomes dire.

These materials are not from HUD or FHA and were not approved by HUD or a government agency.

When you’re applying for an FHA loan the following list of documents will help expedite the process. We can help you understand any part of the FHA loan process so don’t hesitate to contact us with any questions.

Employment Info

• Past two years completed tax returns.
• Past two years W-2’s, 1099’s and any other necessary tax forms.
• One month worth of newest pay stubs.
• Self-employed will need three years tax returns and YTD Profit & Loss Statement.

Savings Info

• Past three months full bank statements for all accounts.
• Any recent statements from investment accounts (retirement, 410k, mutual funds, etc.).

Personal Info

• Driver’s License or other official State identification.
• Social Security Card.
• Any Divorce, Palimony, Alimony Documents.
• Green card or work-permit (if applicable).

These materials are not from HUD or FHA and were not approved by HUD or a government agency.

When you’re applying for an FHA loan the following list of documents will help expedite the process. We can help you understand any part of the FHA loan process so don’t hesitate to contact us with any questions.

Employment Info

• Past two years completed tax returns.
• Past two years W-2’s, 1099’s and any other necessary tax forms.
• One month worth of newest pay stubs.
• Self-employed will need three years tax returns and YTD Profit & Loss Statement.

Savings Info

• Past three months full bank statements for all accounts.
• Any recent statements from investment accounts (retirement, 410k, mutual funds, etc.).

Personal Info

• Driver’s License or other official State identification.
• Social Security Card.
• Any Divorce, Palimony, Alimony Documents.
• Green card or work-permit (if applicable).

These materials are not from HUD or FHA and were not approved by HUD or a government agency.

Qualifying for a home mortgage loan can be difficult, near impossible without a sizable down payment and a moderate credit report. If this describes you and you financial position, an FHA loan may be for you! There are fewer restrictions for FHA loan qualification in comparison to a standard mortgage loan. Qualifications for an FHA loan are:

• Proven employment status of at least 2 years.
• Steady or increasing income over a 2 year period.
• History of on-time payment. No more than two missed payments on your credit.
• If you’ve filed for bankruptcy you must wait at least 2 years and have good credit since you filed.
• Those with foreclosures must wait at least 3 years since the most recent foreclosure.
• Monthly mortgage payment should be roughly 30% of your gross income.
• You must pay a minimum of a 3.5% down-payment.
• Agree to 2.25% in closing costs
• Only certain properties are eligible – single-family homes, condominiums, double-wide manufactured homes, modular homes and 2-4 unit properties.
• The property must be your primary residence.

At All Family Lending & Real Estate Inc we want to help you understand how a FHA mortgage loan works. In all actuality the Federal Housing Administration (FHA) doesn’t loan any money, they insure it. This means that you’re considered to be a less risky borrower than someone who might not have the backing of the federal government. Our role is to make sure that you qualify for an FHA mortgage and structure our loan to reflect it.

The other pages in the FHA loan center can help you understand more about this unique program. Whether you are trying to determine if you qualify or if you are interested in finding out what kind of documentation you’ll need to ultimately get your loan, our site can provide you the information you are seeking. Additionally we’re more than happy to take your phone calls at 559-584-6633.

An important resource for considering a FHA loan is the official Housing and Urban Development website. There you can find even more answers to questions and learn more about insuring your loan through the Federal Housing Administration.

These materials are not from HUD or FHA and were not approved by HUD or a government agency.