FHA loans are beneficial for lower income people which helps them in buying a home. It usually serves those people who cannot afford conventional down payment. FHA or HUD does not provide loan to people, rather they guarantee your loan with their approved lenders. As these loans are guaranteed loans, FHA loan is provided by the lender on less interest rates.
There are certain requirements that you must meet before applying for a FHA home loan. some of them are:
1. You must have the same job for the last 2 years, with the same employer.
2. Your income in the last 2 years must be same or should be increasing.
3. you must provide complete details about your employer, savings, credits etc.
FHA home loan money can be used to buy a home, repair your home or remodel it. But, it is necessary that you should live in the same home you have bought, you can put the home on rent and can live in some other home.
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