Home Loans California & Arizona

As you set off on your home buying journey in Kingman Arizona, you will defiantly hear about FHA home loans which is one of the most popular home loans for house purchase in Kingman Arizona.

We are helping Kingman Arizona residents to find a low down payment FHA home loan. Here, you will find some basic information needed to understand what an FHA Loan is, what the qualifications are as well as the FHA loan limits in Kingman Arizona. If you qualify, an FHA loan is a great way for borrowers to get into a home with a small down payment. 



Kingman Arizona FHA Mortgage Benefits 

  • FHA allow for low credit scores.
  • FHA require very low down payments.
  • FHA never have pre-payment penalties
  • FHA help borrowers to find their dream home and are often the choice for first time home buyers.

Kingman Arizona FHA Loan Requirements

  • FHA Employment Requirements– You must have a full two year work history to qualify. If you are self employed, you would need to have owned your business for two years.
  • Residency Requirements – The home you plan to purchase must be occupied as your primary residence. Multi family buildings up to 4 units are eligible as long as you occupy one of those units are your own residence. Investment properties are not allowed.
  • FHA Income Documentation – You must show recent pay stubs, tax returns for the past two years, and bank statements for the past two months. If you are self employed, you will need to also document your income.
  • FHA Mortgage Down Payment Requirement – The minimum down payment requirement for an FHA mortgage in 2018 is 3.5% with a credit score of 580 or higher. Read more about FHA DOWN PAYMENT INFORMATION
  • FHA Credit Score Requirement – You can qualify for an Kingman Arizona FHA mortgage with a credit score of 580 or more. You may also get qualified with a credit score as low as 500, but you will likely have to put as down as much as 10%.
  • FHA Mortgage Insurance (MIP) – You will be required to have an FHA mortgage insurance premium (MIP).  You may read more about what this insurance will cost at our full FHA mortgage page.

Are you ready to purchase a house in Kingman Arizona? Great call Nathan Rufty at (623) 850-1210.
Posted by Nathan Rufty on May 20th, 2020 5:00 PM

Archives:

Categories:

My Favorite Blogs:

Sites That Link to This Blog: