If you come from New Orleans or any other hometown of this southern state, then you should deliberate on applying for a home purchase scheme by the Federal Housing Administration. FHA mortgage Louisiana gives you a home ownership ticket in any part of the state irrespective of whether you are applying for the first time. Indeed, FHA Home Loan Group (fhahomeloangroup.com) supports first-time home buyers using this program.
We create ease during your application process online and give you support to get a credit score, which is low at 620, from the three national credit report bureaus.
The following are other resources to know as a first-time applicant for FHA mortgage LA.
Select an Approved Home Design
There are four types of properties that you can select for this program. These include:
- Manufactured homes. The selection includes the fact that the mobile property stands in its original place after its construction and it should date from 1995 onwards.
- Existing property of about five years.
- Condominiums for a maximum of a four-member family also qualify for FHA mortgage Louisiana.
You can also apply for a townhome in your city that meets the specifications of this government program.
If you are applying for the initial time ever, you need to know the few areas of eligibility to meet for your FHA mortgage LA. These include:
- The home must become your primary residence. However, you can co-opt with another applicant who does not live in the house to share the cost.
- The home ought to be located within a county in this state.
An extra stipulation is that the property meets energy-efficiency, is in a good condition and meets any of the certified designs including condos and mobile properties.
Finding a Competitive Lender
First-time and even second-time applicants for FHA mortgage Louisiana usually find the process of finding a lender quite essential because it determines the terms of the loan. We recommend looking for these attributes from the lending institution:
- The institution should provide a competitive interest rate in comparison with the competitors.
- The lender ought to give a Good Faith Estimate (GFE). This document enables you to compare between similar lenders to determine the most affordable among them.
We have a pool of certified financiers with certifications from the Housing Department (HUD) that you can choose online while applying.
Do I Qualify?
You are eligible for FHA mortgage LA if you meet the following general guidelines:
- You meet the 29/41 debt-to-income ratio stipulation. This indicates that no more than 29 percent of housing expenses should form a portion of your gross income while no more than 41 percent of your total debts account for a portion of your income.
- You do not have an existing debt from the government or credit card companies.
- You have an employment record going back to the past 24 months.
As a first-time applicant for FHA mortgage Louisiana, you have 100% eligibility to own a home if you meet the above easy stipulations. You do not need a strong credit card score or high income to qualify. We will guide you on any unclear step you are unsure of during your application.
Contact us today for direct assistance. Call  202-4479