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FHA stands for Federal Housing Authority. FHA Loans offer some advantages that may not be available through other avenues. They were designed to help a first time buyer to be able to own a home. The down payment is only 3.5% if you have a credit score of 580 or more.

The FHA does not issue loans directly. They go through independent companies that are FHA approved.

We can help you submit an application.

FHA loan requirements

To apply for an FHA loan, you have to meet several requirements that include;

• Being a resident of the USA
• Have a valid social security number
• Be of legal age
• Provide bank statements for the last 30 days and any documentation for deposits made.
• Have a minimum credit score of 500.
• Proof of income
• Good payment history of bills

Additional information provided before the FHA loan process include:

• For veterans, a certificate of eligibility
• Provide the names and locations of employers for the last two years
• Filed personal tax returns for the past two years
• If self-employed provide a valid business balance sheet
• Pay for credit report
• Provide details for a savings account and open loans
• Give an approximate value for all personal property
• Provide a gross monthly salary for your current job

The maximum amount of the loan depends upon the part of the country you are located in. They will loan up to $970,800 in high cost areas.

Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, St Petersburg and Tampa Bay area. For more information, go to her web site at www.ClearwaterMortgageBroker.net or call at 727 447-2418.