Ready to move forward with the FHA assumable mortgage?
Check out our handy guide to see if you meet the minimum requirements before you apply. If you can check off the following, you’re in good shape.
BENEFITS OF ASSUMABLE FHA MORTGAGE
Lower down payment than a traditional purchase.
The mortgage rate is locked in for 30 years at time of lease signing.
Can qualify with lower credit scores than a traditional mortgage.
Earning equity to apply towards your down payment when you assume the mortgage.
Savings account created to ensure with the equity and savings you have enough money to assume the mortgage with no money out of pocket.
The ability to purchase any home on the market, even new builds.
Can transfer the equity and savings to another property if you decide to move.
GUIDELINES FOR APPROVAL
Your gross household income needs to be at least $3600/month to qualify for our minimum monthly payment (and, you can document it).
Your housing history is stellar showing 24 months or more of on time payment history, and you’ve got the documentation to prove it.
Your FICO mid credit score is at least 580, will review scores down to a 550 and determine approval based on DTI and balances on your credit profile.
You’ve got a handle on the whole living within your means thing. Your collected cash savings are at least 2 months of your desired lease payment – but with a minimum of $4,000 to qualify for our program.
You don’t have an active bankruptcy or foreclosure. (Note, however, that if you do, once your bankruptcy is discharged or your foreclosure is recorded, you are eligible).
The application is FREE!
Click "Apply Now" button below to start the application process and let's see what you get approved for. At the very least you can review your approval and determine if the program is a good fit for your family.