At Liberty Lending Consultants, we are proud to provide our customers throughout the area with exceptional rates on the FHA loans they need. Our experienced mortgage brokers are especially fond of FHA loans for the simple fact that they can help families who may not meet the requirements for conventional loans.
FHA loans Missouri are becoming even more popular since its inception in 1934, especially with first-time homebuyers because the requirements are less strict than conventional loans. Today, millions of families can now obtain the money they truly need and deserve.
Regardless of whether you have less-than-perfect credit, you’ve previously filed for bankruptcy, you’ve experienced a foreclosure or you’re simply looking for a lower down payment, the odds of qualifying for an FHA loan are still in your favor. FHA loans Missouri are the most viable option for the first time home buyer, people who are moving up or families who need a boost—we can help you today!
FHA loans are gaining popularity because they are less strict than conventional loans, however not everyone can qualify for this type of loan.
FHA loans are attractive to a lot of borrowers who may not have a perfect credit history. The minimum credit score for FHA loans depends on the specific type of loan the borrower needs but generally goes as low as 500. Individuals with a credit score between 500 and 579 must make mortgage down payments of at least 10 percent, however a down payment as low as 3.5 percent requires a borrower with a credit score of just 580 or higher.
Although FHA loans are a great fit for many borrowers, individuals with credit scores under 500 are generally ineligible and should consult a Liberty FHA loan specialist to see if they qualify for “specialty circumstances.”
FHA loans are great for first time buyers because they only require an investment of 3.5 percent of the purchase price as a down payment. Additionally, these loans do not usually require a minimum income amount as long as the buyer can show they have enough to carry current monthly debts and obligations.
FHA loans allow for some flexibility with borrowers that have declared bankruptcy or been foreclosed on. While typical borrowers are required to be 2-3 years out of bankruptcy and foreclosure, exceptions can be made in lieu of extenuating circumstances especially if the person has re-established good credit.