Your Mortgage Choice - Jose Robert Benenati NMLS: 1528352

01/19/2022

The Orlando housing market is booming. Before you start shopping for a home get pre-approved and have the confidence you need to buy your new home. Get pre-approved now, Don't miss your chance for that dream home.

https://www.realtor.com/research/2022-national-housing-forecast/?fbclid=IwAR1p6a18yYqLGk3vyz3udkNWWKZoI8mbWDVQRIZQLG3g2CWRADfIknsjX0s

Realtor.com's forecast and housing market predictions on key trends that will shape the year ahead. Home prices, sales trends, suburbs vs. cities, Millennials, and more as we look toward 2022.

01/19/2022

How to qualify for an FHA loan

To be eligible for an FHA loan, borrowers must meet the following lending guidelines:

Have a FICO score of 500 to 579 with 10 percent down, or a FICO score of 580 or higher with 3.5 percent down.
Have verifiable employment history for the last two years.
Have verifiable income through pay stubs, federal tax returns and bank statements.
Use the loan to finance a primary residence.
Ensure the property is appraised by an FHA-approved appraiser and meets HUD guidelines.
Have a front-end debt ratio (monthly mortgage payments) of no more than 31 percent of gross monthly income.
Have a back-end debt ratio (mortgage plus all monthly debt payments) of no more than 43 percent of gross monthly income (lenders could allow a ratio up to 50 percent, in some cases).
Wait one to two years before applying for the loan after bankruptcy, or three years after foreclosure (lenders might make exceptions on these waiting periods for borrowers with extenuating circumstances).