– Residential Properties:
– Single-Family
– Condominiums
– Multifamily 2-4 Units
FHA Loans, First-Time Home Buyers
FHA loans are designed for first-time homebuyers and those purchasing their primary residences. They offer more flexible qualification requirements and credit criteria. They are ideal for those who might find other loan options restrictive.
An FHA loan is not a regular mortgage. It is a home-financing option insured by the government. This means that while an approved bank or lender gives out the loan, it has the backing of the Federal Housing Administration. This offers an added layer of security to both the lender and the borrower.
Types of Properties
Program Details
- Minimum Down Payment: 3.5%
- Maximum Debt to Income Ratio: 56%
- Loan Amount Limit: $472,030 (varies with type of property, state, and county)
Three aspects to consider for your loan.
01.
Requirements
Individuals applying for an FHA loan must provide proof of employment, income, and assets. The minimum credit score required is 500. The minimum downpayment is 3.5% for borrowers with credit scores above 580. Must meet debt-to-income ratio and property requirements as well. Borrowers must be legal residents of the United States and have a valid Social Security Number.
02.
Who Can Apply?
Domestic Clients: USA Citizens, Green Card holders, Political Asylum, TPS, DACAS, L1, E1, E2.
03.
What Interest Rates apply?
Rates are subject to market change and depend on the borrower’s profile and loan parameters such as loan amount, loan program, and type of property.
01.
Select the loan amount and repayment period
02.
Telephone verification of the application
03.
Withdrawal of funds to your bank account
Contact us
Apply Now or Get pre-approved now
© 2024 Kalb Advisors Mortgage Solutions LLC