Mortgage Insurance Requirements- What Should You Know?
Most people find it exciting when they are planning to buy a house
. This can also be daunting at the same time as it requires concentration and sufficient knowledge. However, there are different kinds of loan options available to help people in obtaining a home loan. One option of home loan mortgage, that is gaining a tremendous popularity, is known as FHA loan.What are FHA loans?
Indeed, the federal government insures Federal Housing Administration (FHA) mortgages. However, you should know that these loans are not given out by FHA. Rather, FHA employees help borrowers in obtaining the loan.
What is the objective of the FHA mortgage?
The mission of FHA mortgage is to lend a helping hand to borrowers in order to help them to get the amount they are eligible for. If the borrowers are successful in meeting all mortgage insurance requirements, they will surely achieve their most coveted dream of buying a house.
Who is eligible for this type of financial help?
This is exclusively fabricated for low as well as middle income borrowers, in addition to people who are buying a home for the first time. If the home credit of the borrowers is not sufficient, then it is the ideal home loan for them.
What should you provide to avail these loans?
A borrower may have to pay mortgage insurance premium, if the loan is availed under FHA mortgage scheme. The initial payment or down payment as well as the loan tenure are the decisive factors that are considered to determine the premium. Usually, this is equal to 2.25% of the total borrowed amount.
In this context, you should know that the mortgage insurance premium makes a variation from 0.25% to 0.50% yearly on the financed amount. This should be paid by the borrower as a part of the monthly mortgage loan payment.
What are the mortgage requirements of FHA loan?
There are certain criteria put down by FHA, which needs to be fulfilled by the borrower. However, the first and foremost factor that makes you eligible for FHA mortgage is your credit history. In this manner, you should have a good credit history for the last 2 years. The lenders usually ensure to check that there are no bankruptcies on the borrower's part for the previous two years.
The borrower should also enjoy a good employment history in order to prove a stable source of income, which is considered as a no or low risk factor to the lender. In case the borrower is working with the same employer or company for the past two years, then this fact will definitely be an asset.
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