FHA Mortgage Income Requirements

 Why choose an FHA Mortgage?

• FHA Mortgage Loans require a low 3.5% down payment.
• Non-occupant, co-borrower are permitted by FHA Mortgage Requirements.
• FHA Mortgage Guidelines guidelines use expanded qualifying ratios.
• There are no pre-payment penalty requirement for an FHA Home Mortgage.
• FHA Mortgage Programs carry low fixed interest rates.
• An FHA Mortgage Home Loan has lower MI premiums.
• An FHA Mortgage is eligible for non-credit qualifying, streamline refinance.
• An FHA Insured Mortgage 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 FHA Mortgage Limit for that area.
• You can get a HUD FHA Mortgage to purchase or refinance a new or existing one to four family home in urban and rural areas.
• FHA Mortgage Financing Fixed-Rate Loans are offered at terms of 15 or 30 years.

 FHA Mortgage 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 Mortgage Information to determine if you could qualify for today's FHA Mortgage Insurance guidelines. Certain FHA Loan Credit Score and FHA Mortgage Income guidelines must be met.

What are current FHA Mortgage 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 an FHA Mortgage vs Conventional Mortgage PMI, the FHA MI Rates are usually better.