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Gift Funds
Are you getting an FHA Home Loan but afraid you might not have enough for the down payment? A borrower qualifying for a home loan through FHA has the opportunity to receive a Gift Fund from a family member,employer, friend, etc. There are certain requirements when do the Gift Funds however….
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The Loan for Everyone!
Home Town Mortgage Services wants you to know about the FHA Home Loan. This Home Loan Program is one of the original Home Loan Programs that was made for just about anyone. The FHA Home Loan Program was originated for medium income families and borrowers with not so “perfect credit”.
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FHA Home Loans are going to be the most common loan for First Time Home Buyers and Buyers who are purchasing a second home. There are many aspects about the FHA Home Loan that will make this Alabama Home Loan right for you. Home Town Mortgage Services’ Loan Officer have specialized in FHA Home Loans for several years and want to make sure you get the right Home Loan to fit your needs.
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FHA Income Guidelines
With any loan it is important for your lender to have all income documentation. There are many different forms of income that are acceptable for FHA Home Loans, such as; Retirement, Commission, Per Diem, Child Support, etc. It is your lenders responsibility to determine all income that would be sufficient for your Home Loan.
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FHA DTI
If applying for a loan guarantee through FHA, debt to income guidelines are an important factor. Debt to income, also commonly known as DTI, can be quite simple to figure out. Debts that are considered when analyzing the DTI can include: car payments, loan payments, credit card payments, or court ordered child support. There are two ratios that are used to calculate DTI, the Housing Ratio and Total Debt Ratio.
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Non-Purchasing Spouse
Just because you are married doesn’t mean that you and your spouse have to both be on the mortgage. You might ask yourself several questions: Does the non-purchasing spouse have to be on title? Does the non-purchasing spouse’s credit have to be pulled? Does the non-purchasing spouse’s income go towards the income?
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FHA Mortgage Insurance
What is Mortgage Insurance? Why do I need it? Mortgage Insurance protects the lender incase the borrower defaults on the Home Loan. There are ways around having to pay Mortgage Insurance on your FHA Home Loan and if you do have to pay Mortgage Insurance you won’t have to pay it forever.
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Self Employed Borrowers
Are you looking to purchase a home but worried about whether you will be able to qualify because you are self employed? Good News! The FHA Home Loan Program may be able to help you. There are several supporting documents that your lender will need to verify and you will also have to verify a history of your self employment.
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Guidelines for FHA Home Loans
FHA Credit Guidelines follow the same guidelines as other Home Loan Programs for the most part. When applying for a FHA Home Loan your lender will review you 2 year credit history. They will verify that you have paid your debts as agreed will all creditors. If for some reason you have derogatory credit Home Town Mortgage may be able to help remove that.
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Refinance with Lower Interest Rates!
Interest Rates have been at an all time low for the past year. Now is the time to Refinance and Home Town Mortgage is here to help. We want to help home owners get the best rate available to them. With rates like they are today why pay more?
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Why FHA?
Federal Housing Administration (FHA) loans help Mobile, Alabama home buyers who may have trouble being approved for a mortgage. You can qualify for a loan if you have less than perfect credit. FHA loans may be available even after bankruptcy and foreclosure, if you have maintained good credit for the following two to three years.
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203K Home Loans
Have you found the Home Of Your Dreams but you have noticed that it needs some fixing up or even some cosmetic touch ups? If you are looking to purchase a home and it needs immediate repairs to make the house efficient, then you may be able to qualify for the 203K Home Loan! Let us help finance those repairs in to you home loan.
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