Loan Officer

FHA Loans

Are you a first time home buyer?

This loan is a great option for people whose credit scores are 580 and higher, and who have a 3.5% down payment.

An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.

The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable.

FHA Loan Details

- FICO® score at least 580 = 3.5% down payment.

- FICO® score between 500 and 579 = 10% down payment.

- MIP (Mortgage Insurance Premium ) is required.

- The home must be the borrower's primary residence.

- Borrower must have steady income and proof of employment

Pros

- Low down payment with low credit scores.

- Higher debt-to-income ratio (DTI) is allowed.

- No income limits.

- Cheaper monthly mortgage insurance for low credit scores.

Cons

- Higher total mortgage insurance costs. - Restrictive housing standards. - Lower loan limits. - Limited to a primary residence only. - Lifetime mortgage insurance expense.

Is an FHA loan right for you?

We know you have questions: Will I be qualified? How long will it take to close? What is the process of qualification and approval for a mortgage? Our promise is to do our best to address all of your questions and assist you throughout the process to maximize the chance of achieving your desirable results.

Schedule a Consultation

Whew, it's warm out there! Stay here with me and let's complete your application.

There are a lot of reasons people choose to refinance and a lot of ways to get it done. Take a look and see which applies to you.

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Income Information

Proof of Income

Your past 2 months pay stubs

Asset Information

Proof of Funds

Your Past 2 months bank statements(All Pages)

Identifying Information

Drivers License

A copy of your drivers license or state/ government issued ID

Income History

Proof of Past Income

Your past 2 years W2s, or if you are self-employed, I would need your ta returns

AARON ANAYA

NMLS # 1750333 Loan Officer

18071 Fitch #200 Irvine, CA 92614

(915) 217 - 8649

aanaya@emortgagecapital.com

Complaints may be directed to: Phone: (915) 217 - 8649 or Email: aanaya@emortgagecapital.com

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Copyright ©2020 E Mortgage Capital Inc. NMLS # 1416824. 18071 Fitch #200 Irvine, CA 92614 . All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.

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