| If there's one thing you take from this article, it's this: It | | | | help you with the 3 percent down payment. With the |
| isn't hard to qualify for an FHA Mortgage Loan. FHA | | | | economic crisis they did away with the zero down |
| loans are the perfect loan for people with poor or low | | | | loans and increased the down payment by a half |
| credit scores and/or low cash on hand. You can | | | | percent. Still, three and a half percent is not a lot of |
| qualify for an FHA Mortgage loan with a credit score | | | | money to own a piece of the American dream. These |
| in the 500-600 range. The underwriters are more | | | | requirements can change at any time so try to stay |
| lenient and will take explanation letters for any issues | | | | aware of the rules and requirements. |
| on your credit. FHA will even give you a loan if you | | | | FHA maximum loan limits vary by county so be sure |
| had a previous bankruptcy. | | | | to check the limits in the area you are looking in so you |
| FHA loans require that you put three and a half | | | | have a price range to give to your real estate agent. |
| percent down of your own money. The seller can pay | | | | Getting pre-approved by an FHA mortgage broker is |
| your closing costs for you if you arrange the real | | | | recommended. This way you will have a |
| estate transaction that way. The U.S. Government | | | | pre-qualification letter that you can present when you |
| recently changed the requirements for an FHA loan. | | | | make an offer on a property. This gives the seller |
| They used to allow you to buy a house with no | | | | peace of mind in knowing that your deal will more than |
| money at all. There used to be programs that would | | | | likely go through as planned. |