FHA Loans in Annapolis, MD

How FHA Loans Work

At Homefront Mortgage Advisors LLC we want to help you understand how a FHA mortgage loan works. In all actuality the Federal Housing Administration (FHA) doesn't loan any money, they insure it. This means that you're considered to be a less risky borrower than someone who might not have the backing of the federal government. Our role is to make sure that you qualify for an FHA mortgage and structure your loan to reflect it.

Whether you are trying to determine if you qualify or if you are interested in finding out what kind of documentation you'll need to ultimately get your loan, our site can provide you the information you are seeking.

FHA Qualification Requirements

In order to qualify for an FHA loan, a borrower typically needs to meet this criteria:

• Proven employment status of at least 2 years
• Steady or increasing income over a 2 year period
• History of on-time payment with no more than two missed payments on your credit
• If you've filed for bankruptcy, you must wait at least 2 years and have good credit since filing
• Those with foreclosures must wait at least 3 years since the most recent foreclosure
• Monthly mortgage payment should be roughly 30% of your gross income
• You must pay a minimum of a 3.5% down-payment
• The property must be your primary residence

An important resource for considering a FHA loan is the official Housing and Urban Development website. There you can find even more answers to questions and learn more about insuring your loan through the Federal Housing Administration.

As FHA Loan specialists we can help you understand any new changes to the FHA loan program. We're here to create a customized solution that works best for you and your family.

FHA Benefits