An FHA loan is a loan insured against default by the FHA. Because of this guarantee, lenders are willing to make large mortgage loans.
Almost anybody can qualify for a loan. There are no income limits â€“ like you may find with first time home buyer programs. However, there are limits on how much you can borrow. In general, youâ€™re limited to relatively small mortgage loans relative to home prices in your area. To find the limits in your region, To qualify for an FHA loan, youâ€™ll need to have reasonable debt to income ratios. In general, you have to be better than 29/41, but some programs allow up to 55%. In addition, you have to have decent credit. You donâ€™t need wonderful credit to get an FHA loan; it just needs to be decent.
Of the many types of mortgage insurance offered by FHA.com, FHA Condominium Loans are designed to encourage lenders to extend affordable mortgage credit to those who have non-conventional forms of ownership.
Any creditworthy persons who meet FHA underwriting criteria and are intending to occupy the condominium unit as their principal residence are eligible to apply.
I hope this shed a light, feel free to contact me if you need further assistance, Good Luck!!!
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