Contact Info
  • Whether you're buying your first home or your dream home, we have a mortgage solution for you. Get your custom rate quote today and get pre-qualified now!
  • Address:7237 Cincinnati-Dayton Rd Ste101, West Chester, OH 45069
  • Phone:513-835-1787
  • Website:imperialhl.com
APPLY NOW

FHA Loans

A Federal Housing Administration (FHA) loan is a government-backed mortgage designed to help individuals with lower credit scores and limited down payment funds purchase a home. FHA loans are insured by the Federal Housing Administration, making them a less risky investment for lenders and allowing them to offer more favorable terms to borrowers.

FHA home loans are a perfect option for first time home buyers, due to lower down payments and easier credit guidelines.  However, you are not required to be a first-time buyer to qualify. The FHA program is designed primarily to assist borrowers who do not meet the requirements for conventional loans. The FHA loan may still be an option for conventional borrowers in certain circumstances. 

FHA Qualifications

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. 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 you filed.
  • 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.
  • Agree to 2.25% in closing costs
  • Only certain properties are eligible – single-family homes, condominiums, double-wide manufactured homes, modular homes and 2-4 unit properties.
  • The property must be your primary residence.

FHA Loan Checklist

When you’re applying for an FHA loan the following list of documents will help expedite the process. We can help you understand any part of the FHA loan process so don’t hesitate to contact us with any questions.

Employment Info

  • Past two years completed tax returns.
  • Past two years W-2’s, 1099’s and any other necessary tax forms.
  • One month worth of newest pay stubs.
  • Self-employed will need three years tax returns and YTD Profit & Loss Statement.

Savings Info

  • Past three months full bank statements for all accounts.
  • Any recent statements from investment accounts (retirement, 410k, mutual funds, etc.).

Personal Info

  • Driver’s License or other official State identification.
  • Social Security Card.
  • Any Divorce, Palimony, Alimony Documents.
  • Green card or work-permit (if applicable).