Q: What is an FHA loan?

A: An FHA loan is a real estate mortgage for your home. The mortgage is insured by FHA. Since FHA insures these mortgages, lenders can work with borrowers even when they’ve had credit problems, accounts forwarded to collection, past bankruptcy filings, or debt-to-income ratios that are higher than normally allowed.

Q: Can I get an FHA Mortgage?

A: Many more people qualify for FHA mortgages than for traditional mortgages. To find out if you qualify, speak with our affiliate FHA Mortgage Specialists. They’ll be able to provide a definite answer, quickly.

Q: What if I have “bad credit”?

A: “Bad credit” is a very misleading term. We’ve worked with many people who described themselves as having “bad credit” – but who are now homeowners. The truth is, there are no hard and fast credit score requirements for an FHA loan. If you’re concerned about your credit score, it’s best to speak to our representatives directly. We have programs that can accommodate credit scores starting in the high 400s.

Q: Even if I’ve filed bankruptcy?

A: Yes. You may be able to get an FHA loan even if you’ve filed for bankruptcy in the past.

Q: Which houses/properties qualify?

A: Single family houses, duplexes, triplexes, 1-4 unit primary residences, Planned Urban Developments (PUDs), approved condominiums, double-wide manufactured homes, and modular or pre-cut housing are all eligible.

Q: Isn’t it harder for houses to qualify for an FHA mortgage than a traditional mortgage?

A: As of January of 2006, FHA has eliminated most of the barriers to a property qualifying. Generally, if a home is in good enough condition to qualify for a traditional mortgage, it will also qualify for an FHA mortgage.

Q: Do I have to use one of your Preferred Real Estate Specialists in %TITLE%?

A: You are not required to work with our Preferred Real Estate Specialists. You may work with any Real Estate agent you choose. Offering you the option of working with a Preferred Real Estate Specialist is just another way that we help you become a homeowner.

Q: How much can I borrow?

A: Our affiliate FHA Mortgage Specialists will help you determine how much you can spend on your new home. FHA limits vary by county; click here to check your local FHA limits.

Q: How long does the process take?

A: During the initial phone call, our mortgage specialists will spend as long as you need to have all of your questions answered to your satisfaction. Once you’ve found a home, you can complete an application in as little as 20 minutes. It takes an average of 30 days from the day your application is submitted to close your mortgage and move into “A Home of Your Own”™