If you hail from good old New England, then a permanent home is what you need through FHA mortgage Rhode Island. It is the easiest program besides those of the United States Department of Agriculture (USDA) and Veterans Affairs (VA) for a homebuyer in the state. You just need to pass a few steps during a pre-qualification stage, which involves the verification of your credit score which can be as low as 580, and your employment history. The FHA Home Loan Group (fhahomeloangroup.com) is your partner in this fast process, including eligibility.
Getting Started via Qualification
FHA mortgage RI requires these few steps for eligibility, which our experts will ascertain during your pre-qualification stage:
- Your credit score should be at least 620 though this can go to as low as 580.
- Your employment history ought to have been consistent throughout the past two-year period.
- You have no other credit obligations including credit card payments.
- You intend to inhabit the home as your primary residence.
Additionally, if you do not have a credit report, we can track it down for you through the three national bureaus that keep credit records.
AMI Limits by County
Virtually each of the five jurisdictions of this New England state has an Average Median Income (AMI) that is higher than that of the national average of $271050. AMI is the collective average yearly earnings of a county. Here are the figures for FHA mortgage Rhode Island:
- A single-family unit comes at a value of $475000 in Bristol, Kent, Newport, Providence and Washington.
- The highest amount for all counties is $913450 for a four-unit property.
If you still have a query about where your specific hometown stands in lending limits, just contact the FHA Home Loan Group!
Settling Closing Costs
FHA mortgage Rhode Island comes with three major upfront costs. One of these is the down payment of only 3 .5- %. The other is the Upfront Mortgage Insurance Premium which is usually 1% of the entire borrowed amount. Finally, after getting approval, you will remit closing costs which have these advantages:
- We can negotiate with the seller to settle at least 6% of the closing fees.
- You can receive part of the fees as a gift from a friend, family or government.
Besides, you can also secure 6% worth of a grant from the Housing Department (HUD) to settle any down payment on your FHA mortgage RI.
Application Method
You can easily apply for this program through the following simple steps:
1. Submit your request and pass the easy pre-qualification test.
2. Find a lender for FHA mortgage RI with a competitive rate.
3. Gain approval from the lender and the Housing Department (HUD).
4. Settle closing costs.
Indeed, accessing your first home in this state of New England is easy enough. You only need to pass a few eligibility guidelines and begin the process of homeownership, trouble-free.
Talk to an expert today 888 202-4479