FHA loans are a great option for both first-time and repeat homebuyers, but they do come with some restraints. FHA loan limits are important to be aware of, as they can limit your purchase power.
If you're like most Americans, your home will likely be the biggest single purchase you'll make. Saving for a down payment can take anywhere from a few months to several years, with most homeowners taking 30 years to pay back their full mortgage loan.
When you’re ready to purchase a home, it’s easy to get stuck when it comes to deciding the right mortgage for your needs. With so many options out there, it’s hard to tell which is the best one for you.
Don’t worry if you’ve never heard of a debt-to-income ratio before. Most people don’t learn about DTI until they’re preparing to get a loan for something like a car or home.
It’s important to be aware of lender debt-to-income requirements when applying for an FHA loan to increase the chance of loan approval. In addition, it is highly recommended to calculate your DTI ratio to see where you stand.
Prequalification and preapproval are sometimes used interchangeably, but there is a slight difference between the two during the mortgage process.
To get approved for an FHA loan, lenders will look at a borrower’s previous and current employment for the past two years to ensure they have a steady income to repay the loan. It’s important to understand these guidelines and be prepared when applying for an FHA loan.
Fannie Mae's HomeReady mortgage is designed to help people with low-to-moderate income and good credit buy a home. With low financing and mortgage insurance costs, a HomeReady loan can be a great alternative to conventional loans.
