If looking for a no money down or 100 percent mortgage financing, you have several options. Understandably, many homebuyers have petite cash on hand for a down payment. Because of the increase in home prices, salvage the typical 20% is almost impossible. Fortunately, Fha home loan programs offer 100 percent mortgage financing, which eliminates the need for a large down payment. Here are a few tips on qualifying for a Fha home mortgage loan.
Employment Guideline for Getting a Fha Mortgage Loan
100 Percent Mortgage Financing - Qualifying for a Fha Loan
Fha loans are very flexible. Still, before approving a homebuyer for a Fha loan, the lender will considered review several factors to decide whether they are an ideal candidate for a mortgage loan.
To fetch a Fha loan, lenders want steady employment. Usually, this involves two years of continuously working. It helps to say the same employer throughout the two years.
Individuals who change employers every four to six months or those who only held employment for half of the 24 months may have a hard time getting stylish for a Fha loan. If unemployment was due to layoffs, illness, or other legitimate excuses, the lender may reconsider the applicant for approval.
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