FHA Loan

As an FHA-approved lender, we understand FHA requirements and work hard to get the best rates available so you can get into your dream home.

Friendlier debt ratios than other loans

Jun 21, 2019, 12:52 PM

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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 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
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Cindy L.
My experience with NASB was exceptional. Everyone went above and beyond. They made the transition from applying for a loan to finalizing very easy and stress free.

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More than 63,000 home loan customers in the last decade

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