🏡 FHA Loan Insights 🏡
🏡 FHA Loan Insights 🏡
- Exploring the benefits of an FHA loan, a government-backed mortgage designed for flexibility:
Credit Score Requirements:
-Minimum 580 with 3.5% down (e.g., $10,500 on a $300,000 home).
-Credit scores below 580 require 10% or more down.
Property Eligibility:
-Primary residences only.
Mortgage Insurance:
-Monthly payments for the life of the loan.
-Portion added to the loan amount, remainder paid monthly.
Debt-to-Income Ratio (DTI):
-Allows 31%-55%, varying with credit score.
-Higher credit score = higher DTI (more purchasing power).
Loan Limits:
-Single-family limit: $472,030 (2023), increasing to $498,257 (2024).
Income and Reserve Funds:
-No income restrictions.
-Reserve funds: Typically, 2 months’ worth of mortgage payments.
First-Time Buyer Appeal:
-Not exclusive to first-timers but beneficial.
-Lower credit score requirements, lower down payment, gift options, and partial seller-paid closing costs.
📞 Contact me at 386-589-9037 for assistance with buying, selling, or refinancing! Don’t forget to share, like, comment, and subscribe! 🏡✨ #FHALoans #Homeownership #RealEstateInsights
XOXO
By Cess Rose
