adrianasmortgage.com

What is a mortgage?

A mortgage is a loan used to purchase a property. The property, like a house, serves as collateral for the loan, and if you cannot pay it, the lender can take possession of the property. Various types of loans and programs are designed to help families buy a home. That's why it's good to have the assistance of an expert to inform and guide you when making a decision.

What are the requirements to apply for an FHA mortgage?

The requirements for an FHA loan are less strict and can accept a low credit score. You will need to show a stable income and make a low downpayment. You will also need to provide detailed financial documentation. However, there are plans where you can apply even if you are paid in cash, are self-employed, have recently changed jobs, or have not filed your tax return.

Can I apply for an FHA loan even if it's not my first time buying a house?

The answer is yes! If you own a home, have purchased a home before, or are a co-signer of another house, you could still qualify for an FHA loan. However, there are requirements you must meet to prove that you can afford the payments for the new house. But don't worry, you can seek the help of a specialist to guide you through the steps to qualifying for an FHA loan.

What types of properties can I buy with an FHA loan?

You can purchase single-family homes, townhouses, manufactured homes, condos, and multi-family properties of up to four units.

What if I have bad credit?

Different programs accept different credit scores. FHA loans are less strict and are designed for individuals with imperfect credit. There are options to improve your credit before applying for a loan. Depending on your specific situation, it can be valuable to explore these options. A professional in home loans can help you improve your credit and prepare you to qualify.