FHA loans are an attractive option, especially for first-time homeowners with low down payment and flexible underwriting guidelines. Give our Northwest Mortgage Team a call to get your prequalification started to buy a home in Bonney Lake, Graham, Sumner, Spanaway, or Tacoma. Call us now at 253-840-5600.
About FHA Loans
FHA loans are insured by FHA. They are issued and serviced by private lenders. The US government, through FHA, helps guarantee loss on FHA loans. Because of these assurances lenders are willing to fund loans where in many cases they would be unwilling to approve these mortgage applications due to a small down payment and negative credit history. FHA loans help enable many clients to purchase or refinance a home where they would not be able to otherwise.
FHA Loan Benefits
The benefits to using a FHA loan for a client is low down payment of 3.5%. With clients with challenging credit history the rate and mortgage insurance is more affordable. This can help clients buy homes that they may not otherwise qualify to buy.
FHA Loan Eligibility
Goldwater bank will consider clients with credit scores as low as 580 mid score for a FHA loan. You will need a solid 2-year employment history. You can use time getting an education as part of the 2-year history as long as your current job relates to the degree you received from a trade or college education. You will also need to have 3.5% down payment that is sourced. Meaning this was in a checking or savings account or similar account for the last 60 days and there is a paper trail of where the money came from to ensure it wasn’t borrowed. Cash down payment will not work. You can obtain a gift from a family member to use for the down payment as another option.
FHA loan Limits
FHA loan limits in the Boise, Meridian, Eagle and Idaho area are as follows. All FHA loans are for owner occupied homes only:
1 unit $294,515 2 unit $377,075 3 unit $455,800 4 unit $566,425
Get Qualified for a FHA loan Today!
It’s very easy to see if you qualify for a FHA loan. Give our Northwest Mortgage Team a call to get your prequalification started to buy a home in Bonney Lake, Graham, Sumner, Spanaway, or Tacoma. Call us now at 253-840-5600. If you qualify they can issue a prequalification letter for you, if you plan to purchase a home or complete the application to get you started refinancing your home.