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The Southward Group

Southern California and Los Angeles Real Estate

I can remember when the air was clean and sex was dirty. — George Burns

FHA Loans - Dreams can come true!

With the housing market quickly becoming the best buyer's market in decades, now is the time to buy.

Financing is still available via several avenues; a traditional home loan, VA or FHA home loan, flexible rate loan or interest only loan are some of the options available. Of these, FHA home loans are the easiest type of mortgage to qualify for and have the smallest down payment required.

To meet the basic FHA home loan requirements you must have steady employment for at least two years and your income should have increased rather than decreased over the last two years. Lenders will consider how much of your total income you would be spending on housing to decide if you can truly afford the home you're considering.

All income, including overtime, commissions, and dividends, will be considered if you have proof of steady income for two years. The loan you're applying for shouldn't have a payment over 30 percent of your gross income; this includes payment, property insurance, mortgage insurance and property taxes.

Your credit does not need to be excellent, but should not reflect more than two late payments over thirty days and have a minimum score of 620. Bankruptcy and foreclosure in your past won't ruin your chances, but they must be 2-3 years old respectively and you should be able to prove that you've had perfect credit since that time.

Whenever you borrow money, you commit to repay the money borrowed based on the terms set forth at the initiation of the loan. Late payments indicate a broken commitment and lenders can report this regardless of the reasons for a late payment. The FHA will look past minor credit issues if there was a good reason for it.

Finding the perfect home is like a dream come true and by applying for an FHA home loan, you can make that dream a reality.

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