Owning a home is one of the hardest goals to attain. However, FHA loans have made it easy. With lower down payments, competitive rates, and relaxed credit prerequisites, these loans are meant to meet the needs of borrowers with bad credit. It’s also ideal for first time home buyers and other people whose finance may make it hard to qualify for traditional loans. See more here.
About the FHA Mortgage
FHA loans are insured by the Federal Housing Administration, an organization that is a branch of the Department of Housing and Urban Development. Note that FHA doesn’t provide the mortgage, but insures loans that meet its requirements. This protection lets lending institutions such as Desert Springs Mortgage, LLC to issue loans on accommodating terms. See here for information about Why Mortgage First Time Home Buyers Love FHA Loans.
View Mortgage Broker Phoenix in a full screen map
Submitting an FHA Loan Application
When applying for an FHA mortgage, you will need to collect some essential data about your finances like:
- Bank statements
- W-2 forms for the last 24 months
- Your pay stubs for the previous two years
- Tax returns for 2 years
- Earnings statements
- Investment security statements
- A list of debts and their minimum monthly payment
- Addresses and names of your employers for the last two years
- Pension and social security
- 2 years of loss and profit statements if self-employed