Some of you may know, but in addition to my business, success, and peak performance coaching, I have recently joined Geneva Financial Home Loans, a mortgage lender headquartered in Chandler, Arizona as a Mortgage Loan Originator. I’ve always had a passion for serving others and now I’m proud to be a part of Home Loans Powered by Humans. If you are in the state of Arizona and looking to take the next step in your journey, contact me at 801-830-3858 to start the conversation.
NMLS#42056 BK#0910215 Equal Opportunity Lender.
In addition to my other articles on this site, at times I will share valuable information regarding the mortgage and/or real estate industry.
At Geneva Financial we offer Conventional, FHA, VA, USDA, Refinance, Reverse, Jumbo and Condo Financing as well as Down Payment Assistance Programs, First-Time Homebuyer Programs, Physician Loans and Hero Loans for First Responders, Police, Firefighters, Nurses, and Teachers.
The Arizona real estate market is exciting right now. So whether you are moving to Arizona and you’re looking to buy a new home, or you already live here and you’re looking to buy, or refinance, there are many opportunities.
FHA Loan Guide
Today I want to share some information for those who are looking for more information on FHA Loans.
What is a FHA Loan?
An FHA Loan is a mortgage that’s insured by the Federal Housing Administration. They allow borrowers to finance homes with down payments as low as 3.5% and are especially popular with first-time homebuyers.
Who can qualify for a FHA Loan?
FHA Loan are often a popular choice for a first-time homebuyer. FHA loans require a lesser deposit than a conventional loan and can help keep costs low when purchasing a home.
What are the requirements?
- FICO® score at least 620 = 3.5% down payment.
- MIP (Mortgage Insurance Premium) is required.
- Debt-to-Income Ratio < 43%.
- The home must be the borrower’s primary residence.
- Borrower must have steady income and proof of employment.