The FHA Basics

What is FHA

The Federal Housing Administration (FHA), an agency of the federal government, insures private loans that are issued for new and existing housing, and loans that are approved for home repairs. Created by congress in 1934, the FHA became part of the Department of Housing and Urban Development's Office of Housing (HUD) in 1965.

Today the mission of the FHA includes helping borrowers get amounts they qualify for, and assisting lenders by reducing their risk in issuing loans. To find out if you might be eligible for an FHA-insured loan, contact us.

Where FHA Mortgages Come From
FHA loans do not come directly from the FHA. The FHA guarantees home loans, reducing the risk to lenders and offering increased borrowing power to qualified applicants. You may bet better interest rates thanks to FHA home loan insurance.

FHA loans are particularly helpful for who want a home, but have little or no money saved for a down payment; including those just graduating college, newly married couples, and also those who have had credit problems in the past because of foreclosure or bankruptcy. Check out your credit rating and get a list of lending limits for FHA loans in your area which vary from state to state, and may even vary by county.

Applying for an FHA Loan
The FHA asks for a lot of information on your FHA loan application. You will need to provide the FHA with a wide range of details including:

1. All addresses where you have lived in the previous two years.
2. Your employer's name and addresses for the last two years, plus the amount of your Gross Monthly Salary.
3. W2s for the past two years.
4. Income tax forms submitted for the last two years.

Gather all of this before you begin your FHA application so you will have everything handy to complete your FHA loan forms at one time.

FHA Mortgage Fees
"Reasonable and customary" mortgage loan fees can include appraisals, inspections, credit reports, document preparation fees and more. Ask your lender for a list of known fees due with your type of FHA-insured home loan, FHA streamline refinance or other FHA transaction. Have a list of the fees you are expected to pay, when they are due, and determine how they affects the bottom line of your loan.

Your FHA Loan Checklist

Before you start the FHA loan process, be prepared to provide some information to your loan officer. Have it ready now to save time later.

     Address to your place of residence (past two years)

     Social Security numbers

     Names and location of your employers (past two years)

     Gross monthly salary at your current job(s)

     Pertinent information for all checking and savings accounts

     Pertinent information for all open loans

     Complete information for other real estate you own

     Approximate value of all personal property

    Certificate of Eligibility and DD-214 (for veterans only)

    Current check stubs and your W-2 forms (past two years)

    Personal tax returns (past two years), current income statement and business     balance sheet for self-employed individuals.

In addition, you will need to pay for a credit report and appraisal of the property.

I hope you have enjoyed this special report. We currently have over 40 creative loan programs to fit your needs. Please contact us at 203-483-0061 to set up your FREE No-Obligation consultation where we will meet to tailor a program to fit your needs and comfort levels for monthly payment and investment.

Sincerely,
Chris Rivers
Chrysalis Funding
150 W. Main Street
Branford, CT 06405

Phone: 203-483-0061

P.S. If you would like to get started now please click the following link or image below to fill out a Free No-Obligation Secure Online Application and we will contact you to schedule a free consultation to help you get the home of your dreams with the best terms available...regardless of your credit!