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Is FHA Solely For First Time Home Buyers Getting A Mortgage?

By Stacy Williams

Tips to understanding if the FHA is solely for first time home buyers getting a mortgage and how you can qualify for this government backed loan.

FHA loans are some of the easiest mortgages to obtain in todays market. With less than a 5% down payment of the purchase price required and flexible lending standards, they have become a popular and essential choice. The loans are backed by the government, which ensures more lenders will be able to work with you.

Is FHA only for first time home buyers getting a mortgage?

No! There are many persons who will qualify for one of these loans that are not first time home buyers. You will need to meet certain conditions to qualify, but as long as you continue to meet these requirements you can continue using this government backed process. The purpose is not only to get you into a home that suits your needs, it is to continually help persons better their housing situations. Whether you are looking to get a bigger house for your family, a first time home buyer getting a mortgage or fix up an older home, an FHA loan may be right for you.

What are the requirements for this type of loan?

There are a multitude of requirements, but here are the main ones. First you will need to be able to prove employment at one place for more than two years straight. Good credit is another requirement with a score of 620 being necessary and only two late payments within 30 days during the last year. Bankruptcy must have occurred over two years ago, and foreclosure most have happened over three years ago. There is also a limitation to the percentage of your yearly income that would be spent on the desired mortgage (30%).

How do I get an FHA loan?

Since these loans are not only for first time home buyers getting a mortgage, the process is easy and meant to accomadate many demographics. You will need to contact your local housing and urban development office and give them the required materials showing you meet the qualifications. An FHA loan may be the best option for first time home buyers getting a mortgage.

Related posts:

1. What Are The Qualifications For A First Time Buyers Mortgage Loan?
2. Are There Special Mortgage Rates For 1st Time Home Buyers?
3. Are There Special Mortgage Rates For 1st Time Home Buyers?
4. When is the Adjustable Rate Mortgage a Good Idea for Home Buyers?
5. What Credit Score Do I Need To Qualify For An FHA Home Mortgage Loan?