Applying for an FHA loan in Monroe, LA, can be a great option if you are looking to purchase a home. FHA loans are available to all kinds of borrowers, not just first-time home buyers. If you think an FHA loan might be right for you, there are a few things you need to know about qualifying.
What is an FHA Loan?
An FHA loan is a mortgage that is insured by the Federal Housing Administration. They are popular among first-time home buyers because the minimum down payment is lower, and credit requirements are more relaxed than conventional loans.
How to Qualify for an FHA Loan
There are a few things you will need to do to qualify for an FHA loan. First, you will need a down payment. Next, you will need to show that you have steady employment and income. The lender will want to see items such as pay stubs, 2 years of completed federal tax returns, 2 years of W-2s, K-1s, or 1099s, and a driver’s license.
You will also need good credit to qualify for an FHA loan in Monroe, LA. Even if your credit is lower than desired, you may still be able to qualify if you can provide an adequate down payment.
If you think an FHA loan might be right for you, the best way to find out is to speak with a mortgage lender at Century Next Bank who can help you understand your options and guide you through the application process. If you are interested in applying for an FHA loan in Monroe, LA, contact Century Next Bank.
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