By clicking the Submit button you agree that you are providing an electronic signature expressly authorizing NASB to contact you by telephone at any of the telephone number(s) provided above using an automatic telephone dialing system or an artificial or prerecorded voice or via text/SMS message, even if the telephone number is assigned to a cellular telephone service or other service for which the called party is charged. NASB may also contact you via email using any email address you provided. This authorization overrides any previous registration on a federal, state or corporate Do Not Call Registry or any internal NASB privacy or solicitation preference you have previously expressed. You are not required to provide this authorization as a condition of purchasing any property, goods or services from NASB. As an alternative, you may call us directly at (866) 627-7119 and we will process your request over the phone.
Making home buying easier with an FHA loan.
An FHA loan is of the best mortgage solutions for the credit-challenged and first time home buyer. FHA loan guidelines were created to help those with difficulty getting conventional loans, with lower credit score requirements, plus a low 3.5% down payment option. As long as you meet the minimum credit score, debt-to-income ratio, and other necessary eligibility requirements, you could be FHA pre-approved and pre-qualified and on your way to home ownership. Earning the privilege to lend FHA loans is a responsibility we take seriously. That's why as an FHA-approved bank, we adhere to a high level of lending standards.
FHA Loan Guidelines & Requirements
- You must have a valid Social Security number and be a legal resident of the United States
- You'll need to have steady employment history
- A down payment of at least 3.5% is required for a credit score of 580 or higher. However the money can be gifted from a family member
- FHA loans are only available for a primary residence
- The property must be appraised by a FHA-approved appraiser and needs to meet certain standards
- The front-end ratio (mortgage payment plus homeowners association fees, property taxes, mortgage insurance, home insurance) will need to be less than 31% of your gross monthly income
- Monthly debts (credit card payments, car payment, student loans, etc.) need to be less than 43% of gross monthly income
- Prior foreclosures need to be season over 36 months and you need to have re-established good credit
- Prior Chapter 7 Bankruptcies need to be seasoned over 24 months since the discharge date
- Prior Chapter 13 Bankruptcy – FHA allows to be not discharged as long as they have satisfactorily made 12 months of payments of the payout period