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This is the most popular loan program because of the low down payment requirement and low rates. As you know,
15 year fixed rate loans are especially attractive today and enable you to pay off your mortgage in half the
If you plan on living in your home for less than 5 years, you can’t beat today’s rates on 5
American Home Free Mortgage has an exciting new program for existing FHA borrowers who would like to refinance their existing
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30 Year FHA Loan
This is the most popular loan program because of the low down payment requirement and low rates. As you know, qualifying for a home mortgage loan can be difficult and nearly impossible without a sizable down payment and a moderate credit report. If this describes you and you financial position, an FHA loan may be for you! There are fewer restrictions for FHA loan qualification in comparison to a standard mortgage loan. Qualifications for an FHA loan include the following:
- Proven employment status of at least 2 years.
- Steady or increasing income over a 2 year period.
- History of on-time payment. No more than two missed payments on your credit.
- If you’ve filed for bankruptcy you must wait at least 2 years and have good credit since you filed.
- Those with foreclosures must wait at least 3 years since the most recent foreclosure.
- Monthly mortgage payment should be roughly 30% of your gross income.
- You must pay a minimum of a 3.5% down-payment.
Call us today to see if a 30 Year FHA Loan is right for you!
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