Raising Your FHA Loan Credit Score
Your credit score is an important part of qualifying for a FHA home loan. You credit score does not have to be even close to perfect, but there are certain credit score standard for qualifying for a FHA home loan. Generally you want to have over a 620 credit score to get a FHA loan [...]
FHA Loan Requirements After Short Sale In California
Thousands of homeowners throughout the state of California have gone though a short sale over the past several years. The good news is there is light at the end of the tunnel to get back into the home market and purchase a home for 50% off what they were selling a few years ago with [...]
FHA Loan Requirements for Self Employed Borrowers
Getting a FHA loan in California for self employed borrowers can be much trickier than w-2 borrowers. FHA lenders will take the NET income off your last two years tax returns and average that to calculate your income to qualify for a FHA home loan. If your income went down substantially from one year to [...]
FHA Home Loan Requirements After Bankruptcy
A fact many home buyers are not aware of is that you can apply for a FHA home loan in California only two years after a Chapter 7 bankruptcy discharge. So as soon as you hit that two year point after the discharge, if you are interested in buying a home in California it’s [...]
FHA Loan Requirements for Debt-To-Income Ratios
When applying for a FHA home loan in California an important component of qualification is calculating debt-to-income ratios (DTI). There are two different DTI’s important in FHA loans, front ratios and back ratios. Front ratio is your total monthly house payment (mortgage+taxes+insurance) divided by your total gross monthly income. So for example if you make [...]
