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FHA Loans in Atlanta Georgia

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FHA Loans 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 getting many other types of financing

What Credit Score do I need for an FHA Loan?
The minimum credit scored mandated by FHA is going to be different than that required by mortgage lenders
Most lenders will require a credit score of a 620

Can I get an FHA loan in Georgia if I have had a bankruptcy?
The FHA has required a waiting period following a bankruptcy that differs with the type of bankruptcy filed.
for a ch 7 bankruptcy the waiting period is at least 2 years and 1 year for a ch. 13
FHA Loans 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

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.

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 rules that dictate how these funds need to be sourced

FHA Loans in Atlanta Georgia
How much of the closing cost can sellers pay on a FHA Loan?
While conventional loans only allow the seller to pay 3% closing costs in most cases, FHA Loans allow the seller to pay up to 6% of the purchase price towards the buyers closing cost and prepaid expenses.

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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