FHA Loans Explained
FHA stands for the Federal Housing Administration which is part of the U.S. Department of Housing and Urban Development. The FHA was created as part of the National Housing Act of 1934. The FHA insures loans made by lending organizations such as banks and private lenders for the purpose of building or buying a home. It also works to improve housing standards and conditions and to help keep the mortgage market stabilized. Home buyers all throughout North Carolina have been utilizing FHA loans for decades.
FHA Financing Overview
What is an FHA Loan?
This is a loan provided by an FHA improved lender such as Alpha Mortgage, that is secured by Federal Housing Administration mortgage insurance. This program is a way that our government is helping citizens who are in a lower income bracket and might not otherwise be able to obtain a mortgage loan.
Do I qualify for an FHA Loan?
At Alpha Mortgage we are going to work closely with you to find out which mortgage program is best for you. If that happens to be an FHA loan then we will help you through the prequalification process. This will include providing your employers name and address and demonstrating that you have held a steady job for two years or more with the same company or employer without a decrease in income. You will also need to provide the amount of your Gross Monthly Salary and if you have held multiple jobs over this period, provide W2’s for all of them. If there are any foreclosures with your name attached, at least three years need to have passed (this applies for bankruptcy as well). You will also need to provide the addresses of where you have lived in the past two years.
If you cannot locate a copy of your W2’s, do not hesitate to contact your employer for assistance. You can also order a replacement copy from the IRS’ website. If this all seems overwhelming, that is what your Alpha Mortgage loan officer is here for. They are your trusted source you can turn to who will guide you through the process. With Alpha Mortgage you are never alone.
So What Do I Do Now?
Before you gather all the needed information to prequalify for an FHA loan, give your local Alpha Mortgage branch a call. We will set up a one-to-one for you with one of our loan officers, at your convenience, and then we can learn about your goals for buying a home or refinancing and begin looking at the different options you have. It is that easy and we plan on keeping the rest of the process as simple as possible.
Call us today at (910) 256-8999 for a free quote and consultation.
Additional FHA Resources from Alpha Mortgage
Helping You Make a Well Informed Decision
Visit our Education Center to learn more about qualifying for a home loan, mortgage program options, and how Alpha Mortgage can assist you with buying and refinancing your property in the Carolinas.