FHA Loan Income Requirements

 Why choose an FHA Loan?

• FHA House Loans require a low 3.5% down payment.
• Non-occupant, co-borrower are permitted by FHA Loan Requirements.
• FHA Loan Underwriting guidelines use expanded qualifying ratios.
• There are no pre-payment penalty requirement for an FHA Housing Loan.
• FHA Insured Loans carry low fixed interest rates.
• FHA Loan Guidelines have lower MI premiums.
• An FHA Loan Program is eligible for non-credit qualifying, streamline refinance.
• A HUD FHA Loan is available all areas of the country, provided a market exists for the property and the home meets HUD's minimum property standards and the price is below the Maximum FHA Loan amount for that area.
• You can get an FHA Loan to purchase or refinance a new or existing one to four family home in urban and rural areas.
• FHA Fixed-Rate Loans are offered at terms of 15 or 30 years.

 FHA Loan FAQ'S

What is an FHA Loan?
An FHA loan provides low-cost insured home mortgage loans that suit a variety of purchasing and refinancing options.

What are FHA Loan Limits?
Today's maximum FHA Loan Limits are determined by the area where the subject property is located.

How can I qualify for an FHA Loan?
You must obtain correct FHA Loans Information to determine if you could qualify for today's FHA Loan Insurance guidelines. Certain FHA Loan Credit Score and FHA Loan Income guidelines must be met.

What are current FHA Loan Fees?
The FHA has a list of allowed fees that can be charged to the borrower on FHA Loans. These fees are referred to as allowable closing costs, and can vary from lender to lender. The FHA Loan MIP (Mortgage Insurance Premium) amounts to 1.75% of the loan amount and in usually financed in the mortgage.

Do FHA Loans have Mortgage Insurance?
FHA Loans have Monthly Mortgage Insurance on loans with a term of greater than 15 years and a loan-to-value ratio of 90% or greater (meaning you are borrowing more than 90% of the value of the home). FHA Mortgage Insurance (MI) is not considered FHA Loan PMI, because it is not provided by a private mortgage insurance company like on Conventional Loans. When comparing the monthly mortgage insurance rates on FHA Loans vs Conventional Loans PMI, the FHA MI Rates are usually better.