Updated: Oct 22
Are you thinking about buying a home in Oak Lawn? If so, you'll need to be aware of the FHA loan checklist. This is a list of requirements that you'll need to meet in order to qualify for an FHA loan.
1. You'll need a credit score of at least 580. If your credit score is below 580, you may still be able to qualify for an FHA loan, but you'll need to put down a larger down payment.
2. You'll need a steady employment history. Lenders will want to see that you have a steady income in order to make sure that you can make your monthly mortgage payments.
3. You'll need to be able to prove that you have the ability to make a down payment. The minimum down payment for an FHA loan is 3.5%.
4. You'll need to pay for private mortgage insurance (PMI) if your down payment is less than 20%.
5. You'll need to have a property appraisal done in order to determine the value of the home you're interested in purchasing.
6. You'll need to meet all of the standard requirements for an FHA loan, such as being a U.S. citizen or having a valid Social Security number. #realtor #oaklawn #oaklawnil #listingagent #socialmediaexpert