If you’re struggling to qualify for a conventional mortgage but your heart is set on homeownership, FHA loans through EZ Lending Solution might be the perfect fit. These loans are guaranteed through the Federal Housing Administration, which means they are government-backed and therefore available to potential homeowners who may not qualify for conventional mortgages due to imperfect credit.
Because FHA loans are government-backed, they are much easier for potential buyers to qualify for, and they come with significant benefits.
Although these loans are generally easier to qualify for, you will need to meet some basic requirements to be considered. These include a steady employment history, a debt-to-income ratio of 43% or less of your gross income, and at least two years out of bankruptcy (if you have ever filed bankruptcy). The property you purchase must meet minimum standards set by the FHA at appraisal.
Unlike conventional mortgages, FHA loans come with a maximum loan limit that varies not only on your income and debt-to-income ratio, but also on your region’s average cost of housing. EZ Lending Solution can help you determine your maximum loan amount and assist you in realizing your dream of homeownership – even if your credit is less than perfect.