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1.What is a FHA Loan?
A FHA Loan is a federally insured loan that allows us lenders to approve home loans with low down payments, and low closing costs, and less strict credit guidelines.
2. Who is eligible?
Although many first time buyers use FHA, anyone looking to purchase a home as a primary residence that does not currently have an FHA Loan is eligible.
3. What is the credit score requirement?
FHA Loans do not have a minimum credit score requirement, but the lenders do. Right now our minimum is a 600 middle score. If you are a few points shy we can help.
4. What is the low down payment?
The down payment for FHA loans is 3.5% of the sales price, but this can be a gift from a non profit, family, or your employer. If you are a first time buyer we have a special program to help finance the down payment (Income restrictions do apply).
5. I just started my credit history and job…Can I have a “cosigner” with FHA?
Yes you can have a family member cosign as a “non-occupying co- borrower”.
6. What are the FHA Loan Limits?
In the Washington DC Metro Area the loan limit is $729,650 for FHA.
7. I bought a home before with an FHA Loan and I still own the house. Can I purchase another home with an FHA loan?
Unfortunately, no you cannot, unless your job has relocated you to a different area at least 100 mi. from your current residence.
8. I had a bankruptcy can I buy a home using FHA?
Yes, you can as mentioned, the FHA credit guidelines are less strict, and you only need two years from discharge to be eligible for financing. Conventional is four years.
9. What are the differences, between FHA and conventional?
FHA- Low Down Payments, Less Strict Credit
10.How do I apply?