Question:

What information can you provide for an FHA mortgage application?

Answer:

A borrower interested in submitting an FHA mortgage application should have some information about the benefits and requirements of FHA insured mortgages.

To apply for an FHA mortgage, one has to have a valid SSN, the property they seek funding for must be their principal residence, and have two-year employment history.

Note: School and military service count as employment.

The FHA mortgage applicant also can't be late on any federal debt loan, such as an education loan.

Other information worth knowing about FHA mortgages and why apply for those is that people with little or no credit history are not automatically turned down. Also, the FHA mortgage rates are usually more competitive than subprime and different non-prime loans.

An add-on by the FHA is their assistance with payment for troubled borrowers. FHA requires that financial institutions help borrowers in return for insuring mortgage lenders against possible loss.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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