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FHA Lenders in Atlanta Georgia

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FHA Lenders in Atlanta Georgia

Who Qualifies for a FHA Loan?
FHA loans are not just for 1st time home buyers. Anyone that meets the credit and debt ratio requirements qualifies for a FHA home, regardless if they have owned a home or even had an FHA loan before.

What are the benefits of an FHA Loan?
The benefits of a FHA loans are great in that will allow buyers to overcome some of the obstacles that would prevent them from obtaining conventional financing for the purchase of their new home.

What Credit Score do I need for an FHA Loan?
The minimum credit scored required by FHA is going to be different than that required by mortgage lenders
While the preferred minimum score is 640, those borrowers that meet the other credit requirements of an FHA loan can get approved with a middle score of 620.

Can I get an FHA loan in Atlanta Georgia if I have had a bankruptcy?
FHA Loans has required a waiting period following a bankruptcy that differs with the type of bankruptcy filed.
The waiting period following a chapter 13 bankruptcy is 1 year from the file date year and 2 years from the discharge date for a chapter 7 bankruptcy
FHA Lenders in Atlanta Georgia
How much Down payment do I need with an FHA Loan?
The minimum down payment is 3 1/2 per cent with an FHA Loan in Atlanta Georgia

Can I get a FHA loan if I just graduated from college?
College gradutates that are employed in their field of study can count their time in school towards the time on their job.  The time most underwriters are looking for is 2 years.  So if you graduated from college with an associates degree and are now employed in your field of study, your 2 years in school would satisfy the time on job requirement.

Can I use gift funds for a down payment on a FHA loan?
Borrowers are allowes to use gift funds for their down payment on a FHA loan. It is critical to discuss this with your mortgage lender early in the application process if you are using gift funds as there are protocols that dictate how these funds need to be sourced

FHA Lenders in Atlanta Georgia
How much of the closing cost can sellers pay on a FHA Loan?
While conventional guidelines only allow the seller to pay 3% closing costs in most cases, FHA Guidelines allow the seller to pay up to 6% of the purchase price towards the buyers closing cost and prepaid expenses. This increase allows for the seller to pay for most if not all of the buyers closing costs.  This reduces the cash the buyer needs at closing, which is often one of the main obstacles facing home buyers, and makes it possible for more people to qualify for a home purchase.

Can someone co-sign for me to get an FHA loan?
FHA loans do allow for a non purchasing co-borrower. THis allows for parents to help their adult children to purchase a home. It is very similar to cosigning and the parents income can be used to help the buyer qualify for the house payment.

 

Bill McDonald Mortgage Originator  nmls #95835
157 Laurelwood Ln Crossville, TN 38555
(865) 686-8711

 

 

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