FHA Loans In Medina Ohio
We Can Help You Get Lower Rates And Cut Down On Closing Time
FHA Loans In Medina Ohio can be difficult to obtain if you don't have all the proper information to get one. Understanding the process from closing costs to interest rates doesn't have to be stressful, we can help you detemine what is best for you and your unique situation. We always have clients calling about basic questions and for your convenience we have provided a list of common questions that will help get you started.
What are the requirements for a FHA Loan?
There are several components to consider for a FHA loan. The most common requirements that are overlooked are that you have to make at least a minimum down payment of 3.5%. However, the normal standard to qualify is to have at least 580 credit score. If your FICO score is lower, you are not excluded, your minimum down payment will have to be around 10%.
Another overlooked requirement is that you have to be at your job for at least 2 years to qualify. If your self-employed, you have other requirements, which we explain further below. Keep note that a FHA-approved property appraiser only approves the property based off certain FHA standards. Lastly, there are front-end and back-end ratio costs associated with FHA loans.
What are the benefits of a FHA Loan?
You have an opportunity to get a low down payment and FHA loans have less strict FICO score requirements. These types of loans are the easiest to qualify for.
Can I qualify for a FHA Loan with a bankruptcy or foreclosure on my record?
Good news, yes. However, you must be at least two years out of your bankruptcy. Unless you can prove the bankruptcy was due to an uncontrollable circumstance . If you had a foreclosure you have to be at least three years removed from it. It's important that you demonstrate working toward re-establishing good credit.
Delinquent on taxes or student loans? You won't qualify.
How long does it take to get approved for a FHA Loan?
Unfortunately, there isn't a certain time period to close. Partnering with us will help you elminate wasting time and overlooking critical information. As your considering each step from processing documents, finding a home and appraisals, it could take six days to six months.
Can I use a FHA Loan for investment property?
Usually, the property your using the FHA Loan for must be your 'principal residence' and 'owner-occupied'. The loan can't be used for investment or rental properties.
How low can my down payment be?
It can be as low as 3.5% but various factors play a role such as credit and payment consistency history.
How do I know if a FHA Loan is best for me?
Most people think that FHA Loans are only for first time homeowners, but that is not true. The biggest factor is your financial status, for instance, if you can afford larger down payment you maybe better off getting a conventional mortgage. This can save you more money in the long run. The FHA Loan is meant to support 'low to moderate income home buyers.
Can I get a FHA Loan if I'm self-employed?
Yes, you just need two years of successfully running your business. It is required to provide this information by tax returns and a current year to date balance/profit and loss statement. You may still qualify if you have at least one year of self-employment with a solid work history.
- If your a senior 62 or older and own your home with a low loan balance you can potentially convert a portion of your equity into cash
- If you want an energy efficient home, there's a FHA Energy-Efficient Mortgage you could be eligible for
- There are FHA loans for mobile homes
- If you are experiencing legitimate financial hardship there is a FHA Relief program to help you.
- Closing costs can be paid for you depending on the buyers situation and the lender qualifications.
- There are two mortgage Insurances required for an FHA Loan, Upfront Mortgage Insurance Premium (UFMIP) paid in full or can roll into your mortgage and Annual MIP paid monthly.