While there is no minimum income requirement to qualify for an FHA loan, debt-to-income ratio rules are in place to prevent borrowers from making a new home purchase they cannot afford. The good thing is that having no credit history, or even a bankruptcy or foreclosure on your credit record does not mean you cannot qualify. Re-establishing good credit and a solid payment history demonstrated through paid up utility bills, rents, student loans, etc. contribute to a general pattern of reliability.
If you are a first-time homeowner, an FHA mortgage loan might be just what you need. Talk to us at Dividend Mortgage to find out more about the requirements to see if you qualify. We offer a wide range of mortgage loan programs for homeowners in the state of Michigan and can help you find the best fit.
Call 269-321-8950 or
contact us
online to set up a consultation for an FHA mortgage loan.