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Fha Loan Requirements for Purchases

Welcome to LendFast.com Fha Loan Requirements for Purchase home loans. The FHA loan program was created to help increase homeownership by the United States government. The Federal Housing Authority is essentially an insurance program that "insures" non-traditional borrowers so that lenders will loan them money.

The  FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Most first time home buyers will use an FHA mortgage. Some highlights of the FHA loan program are:

Minimal Down Payment and Closing Costs.

  • Downpayment less than 3% of Sales Price (Can be gifted)
  • 100% Financing options available*
  • Gift for downpayment and closing costs allowed.
  • No reserves or required.
  • FHA regulated closing costs.
  • Seller can credit up to 6% of sales price towards buyers costs

Easier Credit Qualifying Guidelines such as:

  • No minimum FICO score or credit score requirments.
  • FHA will allow a home purchase two years after a Bankruptcy.
  • FHA will allow a home purchase  three years after a Foreclosure. 

Easier Debt Ratio & Job Requirement Guidelines such as:

  • Higher Debt Ratio's than other home loan programs.
  • Less than two years on the job is allowed.
  • Self-Employed individuals o.k.

These advantages of the FHA loan program has made it one of the best options for most first time home buyers as well as move-up home buyers.You do not have to be a first time buyer to obtain a FHA loan, anyone may use a FHA loan as long as you do not have more than one FHA insured loan at any one time.

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