Why Do Borrowers Use FHA Loans?
FHA is the most lenient and easiest type of mortgage loan to get. If a borrower cannot qualify for an FHA loan, chances are, they will have a hard time qualifying for any other type of loan.
To qualify, a borrower must meet the Credit, Income and Asset requirements. A credit score of 640 is the benchmark, but AMCAP Mortgage extends an FHA loan to borrowers with scores as low as 580, certain restrictions will apply.
A borrower must have at least 2 years of verifiable income. Self employed borrowers are required to provide last 2 years of business and personal tax returns. W2 employees must provide a 30-day paycheck stub along with their 2 years tax returns.
FHA loans require 3.5% down payment. Borrowers must show the source of funds using
To qualify, a borrower must meet the Credit, Income and Asset requirements. A credit score of 640 is the benchmark, but AMCAP Mortgage extends an FHA loan to borrowers with scores as low as 580, certain restrictions will apply.
A borrower must have at least 2 years of verifiable income. Self employed borrowers are required to provide last 2 years of business and personal tax returns. W2 employees must provide a 30-day paycheck stub along with their 2 years tax returns.
FHA loans require 3.5% down payment. Borrowers must show the source of funds using