Anna-Marie's Blog

My definition of success: Being a Great Mother, A Great Wife, and a Great Real Estate Agent

Mortgage Minute: FHA Loan

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I got Josh Wright with ERA Mortgage to answer some questions about an FHA Loan. An FHA Loan is a government insured loan. It is one of the more popular loans for our area. One of the reason it is so popular is because it only requires a 3.5% down payment. The down payment can come completely from the buyer or they can receive it as a gift. Unlike Conventional Loans, an FHA Loan has a 600 credit score threshold. 2 years work history is a necessity. Any lender is going to want to see 2 year’s W’2s, a recent pay stub, and 60 days worth of bank statements. If the buyer is receiving a gift, a statement after the gift money has been deposited will need to be provided.Once we go under contract on a house, the lender will need approximately 45 days before we can close.

These are general specifics for an FHA Loan, there is a possibility that other documentation or information will need to be provided. If we did not answer all of your questions about an FHA Loan, please leave a comment below!

Author: Anna-Marie

As a real estate professional, my job is to consult and guide my clients through the rigors of the real estate buying and selling process. In a market in constant flux, my role is to help my clients take advantage of ever-changing opportunities while avoiding any potential pitfalls they may encounter. In pursuit of my clients' goals, it is important to me to make the distinction that I'm not a salesperson trying to convince people to buy or sell a house or a piece of land. I am a person who enjoys helping people, which is why I love what I do. It is also why I take seriously my role as a professional consultant who guides clients through an often convoluted process to help them find the perfect fit for their needs. If you are interested in speaking with someone about real estate who approaches this business very seriously, and who focuses squarely on you, contact me. I offer a free, first time consultation to anyone looking for answers to questions about real estate. Let us begin there. Buying or selling real estate is an enormous investment — often the biggest you'll ever make. You require, and deserve, the best. I am here to provide the best real estate consulting services available.

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