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New Home Buyers should consider buying Owner Occupied Multi Family (2-4 units) with an FHA Loan. For discussion purposes the following suggestions/assumptions are made in this article. The Duplex/Triplex/Four Plex will be owner occupied for primary residence 75% [...] Wage Earners Generally two years of employment history is required. Sometimes borrowers may have gaps in employment due to loss of job or illness or other reasons. This is a case by case scenario and can be handled if the reasons are legitimate. Front End Ratio This is the percentage total proposed monthly payment for your mortgage ( includes principal and interest,taxes,insurance and mortgage insurance if any) divided by Gross Monthly Income.So if your proposed mortgage is 1350 dollars and your gross income is 4500 dollars your front end ratio would be 30% Back End Ratio This includes the payment [...] Credit requirements for FHA Home Loan are comparatively less stringent as compared to Conventional Mortgage Loan The first thing to understand is that there is no specific score requirement specified by FHA. The loans are underwritten based on overall credit profile of a borrower. Most lenders use automated systems like Desktop Underwriter by [...] |
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