What is the FHA Loan Status for borrowers in North Las Vegas, NV? The short answer is "It depends". There are a few key factors to consider that could affect your ability to obtain a FHA Loan in the future. While the exact requirements for FHA loans have not been released yet, you can rest assured that they will be at least as restrictive as they were in the past. If you plan on obtaining a FHA home loan in the future, here are a few tips to help you keep your options open.
Qualify For A Loan
Here's the long answer. Although there hasn't been any announcements on the exact fha home requirements North las vegas NV, it's likely that you will need to qualify for a loan before receiving your actual FHA loan. Since most federal housing officials have raised the qualifications for this program, hopefully, no drastic changes are coming.
Income & Credit
As with all loan programs, the primary qualification for receiving an FHA Loan is income and credit. FHA representatives will ask for proof of income and/or assets, such as savings accounts or stocks, as well as verifiable debts from other sources. This information is used to determine if your potential mortgage requires special consideration. In order to qualify, fha loan application North las vegas NV must prove that you will be able to pay at least the full mortgage payment each month for the duration of the loan term.
Time Limit For First Time Homebuyers
Another thing that has changed for FHA borrowers is the length of time that is required for first time homebuyers. Previously, first-time homebuyers were only eligible for a 30-year fixed-rate mortgage. Today, that loan term has increased to 40 years! If you're a first-time homebuyer, it may seem like a lot of time has gone by, but that's because you have only been paying for that
mortgage loan for a few short months. The good news is that once you meet the new income and credit requirements, you will be eligible to receive a standard fixed mortgage.
Pay Down
A third change affecting FHA loan North las vegas NV is the presence of a "pay down" feature. Prior to this loan program, homeowners with good but not outstanding credit were not able to borrow more than their mortgage insurance premium. With the implementation of this policy, however, borrowers with credit problems can borrow up to twice the mortgage insurance premium that they could previously afford. This means that FHA loans can be quite useful for borrowers who need larger down payments, have a bad credit history, or otherwise have difficulty obtaining a traditional loan. Borrowers can use the extra funds for debt consolidation, home repairs, college education expenses, or any other purpose.
Lenders only expect Good Credit and Income
The FHA Loan requires no special loans applicants need qualify for; in fact, the lender expects all applicants to have a decent credit score and decent income. Nonetheless, borrowers can improve their credit scores significantly by paying down debt ratios and debts over time. This will not dramatically improve FHA Loan applicants' chances of getting approved, but it will improve their chances of getting lower interest rates and more affordable monthly loan payments.