Federal Housing Administration Loans

FHA Loans – As Low As 500 FICO Score

An FHA loan is a mortgage insured by the Federal Housing Administration, a government agency within the U.S. Department of Housing and Urban Development. This loan is ideal for first time home buyers because better rates are offered by lenders because of the fact that it IS backed by the government.

WHO QUALIFIES?

• Must be 18 years or older
• U.S. Citizens
• Green Card Holders (non U.S. Citizen)
• H-1B Visa & EAD Card Holders (non U.S. Citizen)


LOAN DETAILS


  CRITERIA

LOAN DETAILS

CREDIT

MINIMUM 500 FICO

LOAN-TO-VALUE

96.5% LTV WITH A 620 FICO OR HIGHER 90% LTV IF FICO IS BELOW 580

DEBT-TO-INCOME

MAXIMUM 43% DTI RATIO

 OCCUPANCY

OWNER OCCUPANCY IS REQUIRED = PRIMARY RESIDENCE

TERMS

15/20/30 YEAR FIXED | 5/1 ARM

TRANSACTIONS

PURCHASE | REFINANCE: CASH OUT/ RATE&TERM

APPRAISAL

AN APPRAISAL IS REQUIRED

ELIGIBLE PROPERTIES

SFR|1-4 UNITS|ATTACHED/DETACHED PUDs| LOG HOMES| MODULAR HOMES|MANUFACTURED HOMES |CONDOS

HAVE BANKRUPTCY?

MUST WAIT 2 YEARS AFTER BANKRUPTCY

HAVE FORECLOSURE?

MUST WAIT 3 YEARS AFTER FORECLOSURE

HAVE SHORT SALE/ DEED IN LIEU?

MUST WAIT 3 YEARS FROM COMPLETION

INCOME [IF SALARIED]

2 YEARS OF TAX RETURNS & W2s | & YTD PAY STUB

INCOME [IF SELF-EMPLOYED]

2 YEARS OF BUSINESS AND PERSONAL TAX RETURNS IF NO TAX RETURNS, A PROFIT & LOSS WILL BE REQUIRED

ASSETS

PAST 60 DAYS OF ALL ASSET ACCOUNTS

EMPLOYMENT VERIFICATION

PROVE EMPLOYMENT FOR PAST 2 YEARS

PROOF OF IDENTITY

PROOF OF IDENTITY DRIVERS LICENSE AND SOCIAL SECURITY CARD

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It's a great time to purchase your new home. Get the process started by applying with Integrity Credit Corporation today!

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