The primary goal of the Federal Housing Administration (FHA) is to improve the housing market and protect lenders in the event a borrower defaults on their mortgage. The FHA was created as part of the National Housing Act and later became part of the Department of Housing and Urban Development. Meadows Home Loans is proud to offer great rates and flexible financing options for your FHA loans.
FHA loans can be used for a number of different purposes including special renovation projects, refinancing an existing mortgage, purchasing a home and even reverse mortgages. Streamline refinance loans are also available to reduce interest on current loans.
FHA loans offer relaxed credit requirements and lower down payment options making them easier to qualify. Buyers can qualify for a FHA loan with a down payment of 3.5% and a credit score of 580. Another great aspect of FHA loans is that family members are able to gift down payment funds to the borrower. FHA loans tend to be very popular among first time home buyers in Nevada.
FHA Loan Requirements
– Down Payment: A down payment of 3.5% of purchase price is the minimum down payment allowed.
– Income Requirements: A debt to income ratio of 55% or lower is required for FHA loans.
– Credit Score: Typically the minimum credit score allowed is 580.
– Property Requirements: All properties purchased through the FHA loan program must meet certain structural integrity, safety and security requirements.
At Meadows Home Loans we are committed to helping our clients with all of their FHA loan needs. Whether you are purchasing your first home or looking to refinance a current FHA loan at a lower rate, Meadows Home Loans can help you. Contact us today with any questions you may have on FHA loans or how to get pre-qualified.