Qualify for a Mortgage With an FHA Loan in Tucson

Many people delay buying their first home just because they don’t have a 20 percent down payment. With an FHA Loan in Tucson, you can get a mortgage with as little as 3.5 percent down. You don’t even have to have that money in your personal savings account to qualify. If you have a family member who is willing to give you the money or you take part in a first-time home buyer program that offers grants to graduates, you can use that money as your down payment. The FHA protects buyers by limiting the types of closing costs that can be charged to the buyer.

Fear of rejection due to past credit problems keep some potential homeowners from talking to a loan officer. While some loan products require excellent credit, you can get an FHA loan even if you have a discharged bankruptcy. The FHA requires that buyers wait at least two years after their Chapter 7 bankruptcy is discharged before they can get an FHA Loan in Tucson. Some lenders, though, have a three year waiting period. If you had credit problems but did not file for bankruptcy protection, the lender will look for a pattern of responsible credit use. Consistent on-time payments are more important than the overall credit score when you apply for an fha loac.

There are some credit issues that have to be addressed and will disqualify you from the FHA loan program. Tax liens and defaulted student loans are automatic disqualifying debts. Civil judgments won’t disqualify you, but they must be paid before the loan can close.

The FHA has a number of different loan programs to help buyers with low incomes, those who want to purchase homes that need repairs and those who are interested in making their new home more energy efficient. Graduated Payment mortgages allow buyers to start off with a low mortgage payment that slowly increases over the first five or 10 years of the loan. The fha 203(k) loan program allows borrowers to finance the costs of repairs or energy efficient upgrades. The additional loan is part of the mortgage so it is repaid over the life of the mortgage loan.

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