An FHA mortgage is insured by the Federal Housing Administration (FHA). By insuring your loan, the FHA helps you to apply successfully for a competitive loan even if your credit score is not perfect.

If you are eligible for an FHA loan in Mississippi, these are the benefits which await you:

You will need to meet these basic requirements to qualify for an FHA mortgage in Ohio:

• To qualify to put 10% down on a home with an FHA loan, your credit score needs to be no lower than 500. To qualify to buy a home with just 3.5% down, you need a credit score of 580 or higher.
• Your debt-to-income ratio should be no higher than 57% to qualify for this type of mortgage (a looser requirement than the more typical 43% for other types of mortgages).
• Just as you would if you were applying for another type of loan, you need to document two years of steady employment in one line of work or industry.
• You may only apply for an FHA mortgage to buy or build a primary residence, not a second home.
• You must not be delinquent on student loans or money owed to the SBA, DOJ, HUD, or any federal agency.
• Outside of certain qualifying circumstances, you can normally only have a single FHA loan at a time.
• You may successfully apply for an FHA loan in Mississippi whether you are a first-time homebuyer or not.
• Neither bankruptcy nor foreclosure will stop you from qualifying after the required waiting period (two years for bankruptcy, three years for foreclosure).
• The home you want to buy must pass an FHA inspection for you to buy it with a regular FHA mortgage. If, however, it does not, an FHA 203k loan may meet your needs.
  

It is time to purchase the home of your dreams in Mississippi with a low down payment of just 3.5% and low or no closing costs. To get started now, please give us a call today at 740-624-8091. We look forward to helping you move quickly and affordably into your home in Meridian or anywhere in MS.