Things To Know About FHA Loans

1. Things To Know About FHA Loans FHA Loans are government backed securities with low down payment requirements. Here are some other things to know before applying for an FHA Loan. FHA Loans do not require private mortgage insurance, but borrowers have to pay an upfront mortgage insurance premium (UFMIP) and a monthly mortgage insurance premium (MIP). In case of Chapter 7 bankruptcy, a borrower can apply for an FHA Loan after a waiting period of 2 years has elapsed & he has re-established good credit. Borrowers are required to pay off any collections & federal debts as well as resolve any judgments prior to or at the time of closing an FHA Loan. If borrowers don’t have a credit history, then lenders have to develop credit history from other sources and obtain a non-traditional merged credit report for successful approval of an FHA Loan. Borrower must have a steady income, proof of employment and debt-income ratio less than 43%. 107 W. Hwy. 190 Copperas Cove, TX 76522 254-542-5100 2201 Trimmier Rd. Killeen, TX 76541 254-680-6158 14641 S. Padre Island Dr., Ste. B Corpus Christi, TX 78418 3106 S. WS Young Dr., Bldg. D, Ste. 402 Killeen, TX 76542 254-953-7000 361-949-4647 10961 Gateway Blvd. West, Ste. 200 El Paso, TX 79935 915-843-2681 8522 Broadway St., Ste. 208 San Antonio, TX 78217 210-340-0404 1320 N. Zaragoza Rd., Ste. 111 El Paso, TX 79936 915-858-1996 7348 W. Adams Ave., Ste. 200 Temple, TX 76502 254-771-0020 16165 North 83rd Ave., Ste. 200 Peoria, AZ 85382 201 E. Central Texas Expwy., Ste. 1600 Harker Heights, TX 76548 254-680-6155 480-752-3110 100 W. Central Texas Expwy., Ste. 300 Harker Heights, TX 76548 254-690-3765 www.fcmloans4u.com