Home Loans Arizona - California - Nevada - Utah

FHA mortgages in Buckeye Arizona offer a wide range of benefits and consumer protection that conventional loans may lack. Some of the most attractive things about an FHA mortgage are the low down payment and more lenient credit requirements. FHA loans are, simply put, easier to qualify for than conventional mortgages.

 

FHA loans are insured by the Federal Housing Administration. FHA does not lend money or issue credit, so the first requirement of the FHA loan program is to apply for the FHA mortgage through a participating licensed FHA lender in Buckeye Arizona.

 

When you apply for an FHA loan to purchase a new home in Buckeye Arizona, you’re required to submit detailed information on your existing credit, employment history, and current income. FHA lenders evaluate this information based on something called “the four C’s” :

 

  • Credit history
  • Capacity to repay
  • Cash assets available to close the mortgage, and
  • Collateral

 

According to the FHA, the lender must evaluate all FHA loan applications by:

 

  • Considering the type of income the borrower needs to qualify
  • Analyzing the borrower's liabilities to determine creditworthiness,  
  • Reviewing debt-to-income ratios and compensating factors.

 

FHA loans for single-family homes can be used to purchase suburban homes, condos, multi-unit properties (subject to certain rules) and other eligible properties. Borrowers are permitted to use an FHA loan to buy properties with a business or non-residential space as long as that space remains subordinate to the “residential nature of the property” according to FHA loan rules and does not take up more than 25% of the total floor space of the home.

 

But that’s not all you can use an FHA home loan to do. Buyers can also apply for FHA loans to simultaneously purchase and remodel or rehab a property, such as a fixer-upper home. FHA loans are also available to refinance from conventional mortgages to FHA loans, and to refinance existing FHA loans. For qualified borrowers age 62 and old, there is an FHA Home Equity Conversion Mortgage which lets you borrow against the equity built up in the home.

 

To apply for FHA purchase home loan program in Buckeye Arizona Call Nathan Rufty at (623) 850-1210

Posted by Nathan Rufty on June 10th, 2020 9:13 AM

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