A recent college graduate, who is trying to secure a home loan, or a loan in any state for that matter, needs a loan program that has flexible guidelines. An FHA loan Nevada offers that flexibility when it comes time for qualifying for the home loan. Being that the graduate recently attended school, they are not required to meet the entire two year work history requirement that a Fannie Mae or Freddie Mac conventional loan requires. An FHA loan will allow school attendance credit towards the two year work history.
However, FHA does not provide any loans to the borrowers. On the contrary, the loans are insured by the FHA under which borrowers can obtain mortgage loans from any FHA-approved lender at competitive rates.
In addition, an FHA loan may allow for longer employment gaps. For example, if the graduate decided to take three months off after graduation prior to gaining employment, FHA is more lenient than Fannie Mae conventional lending. Also FHA may allow non-occupant co-borrowers, conventional loans don't. If the bank of Dad and Mom runs dry after paying years of college tuition, and they aren't able to donate a cash gift toward buying a home for their child, they can go on the loan to aid in qualifying for the home loan even if they aren't going to be living in the property. Again conventional Fannie Mae and Freddie Mac loans do not allow this.
Eligibility Criteria: In conventional mortgage loans, loans are available with lower down payment but are offered at higher mortgage rates. FHA insured mortgage loans are particularly beneficial to those who are first time buyers but do not have finances to make large down payments. However, there are certain criteria that need to be fulfilled in order to be eligible for these loans. The applicant should have a good credit history and a stable income.
So whether you're a college graduate or not, this is valuable information for all prospective home buyers to know prior to searching for a home to purchase. FHA Loans Nevada will help you find the best loan for you.
However, FHA does not provide any loans to the borrowers. On the contrary, the loans are insured by the FHA under which borrowers can obtain mortgage loans from any FHA-approved lender at competitive rates.
In addition, an FHA loan may allow for longer employment gaps. For example, if the graduate decided to take three months off after graduation prior to gaining employment, FHA is more lenient than Fannie Mae conventional lending. Also FHA may allow non-occupant co-borrowers, conventional loans don't. If the bank of Dad and Mom runs dry after paying years of college tuition, and they aren't able to donate a cash gift toward buying a home for their child, they can go on the loan to aid in qualifying for the home loan even if they aren't going to be living in the property. Again conventional Fannie Mae and Freddie Mac loans do not allow this.
Eligibility Criteria: In conventional mortgage loans, loans are available with lower down payment but are offered at higher mortgage rates. FHA insured mortgage loans are particularly beneficial to those who are first time buyers but do not have finances to make large down payments. However, there are certain criteria that need to be fulfilled in order to be eligible for these loans. The applicant should have a good credit history and a stable income.
So whether you're a college graduate or not, this is valuable information for all prospective home buyers to know prior to searching for a home to purchase. FHA Loans Nevada will help you find the best loan for you.
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