Who is FHA Designed to Help?

• FHA Loans are designed for persons financing their Primary Residence.  
• FHA Loans are not designed to finances properties that are a person’s Second Home or Investment Property (unless you are refinancing an existing FHA Loan that turned into an Investment Property).
• The FHA loan program designed to enable more credit qualified individuals the opportunity to achieve the goal of home ownership that don’t quite fit for traditional, conventional loans.
• Many prospective borrowers who qualify under FHA Loan Program Guidelines are unable to qualify for traditional conventional loan financing.
• FHA borrowers can get approved with:
  • Lower Credit Scores – As low as 550 qualifying credit score.*
  • Lack of or Limited Credit History- Non-traditional trade lines, such as utility bills, rent history, and other accounts that are not included on traditional credit reports may be considered in supporting a determination of a borrower’s ability to repay the loan.
  • Adverse Credit- Shorter waiting periods after significant derogatory credit events before eligibility for financing is restored.
    • Bankruptcy – 2 years
    • Short-/Deed-in-Lieu – 3 years
    • Foreclosure – 4 years
      
  • Higher Debt-to-Income Ratios – Up to 55% (or higher) debt ratios permitted.  Significantly exceeding what is permitted under conventional loan guidelines.
  • Low Down Payments – Qualify with as little as 3.5% as a down-payment.