HUD mortgages

FHA loan: how to qualify?

dfwprogram — Wed, 03 Jun 2009 07:43:07 +0000

FHA loans are approved by government and are designed for low income people as lenders provide them loan at easy and affordable rates.

To qualify for FHA loans or FHA financing:

You must have a consistent job for the past 2 years.
You must have a consistent or increasing salary for the past 2 years.
In case of a bankruptcy, it must be 2 years old with perfect credit scores after that.
In case of foreclosures, it must be 3 years old with perfect credit scores after that.

If you fulfil all these requirements then you are qualified for FHA home loan or FHA refinancing.

Mortgage Loan

dfwprogram — Tue, 02 Jun 2009 09:14:02 +0000

In a mortgage loan, the money is borrowed against your property and the interest in the property is transferred to the lender. But the borrower still exercise the right on the property. There is a maximum limit fixed of the money that can be borrowed on the property. Usually, the amount of the money you can borrow depends on the condition of the house, the home equity and also your personal loans.

If you don’t have any unnecessary loans to your name or pay your taxes on time, then you can borrow more money as compared if you have multiple loans and are irregular in paying your taxes. Also the stability of your job determines the amount of money you can borrow.

Hello world!

dfwprogram — Tue, 02 Jun 2009 07:05:33 +0000

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