Louisiana FHA Loans
Are you looking for a loan with flexible underwriting guidelines? Maybe you have less than perfect credit or don’t have a large down payment. FHA loans in Louisiana may provide the answer you need. Are you unsure about how FHA loans work? Maybe you don’t know if you’re a good candidate. Keep reading to learn more.
FHA Loans Work Best For
Louisiana FHA Loans are a great option for First Time Home Buyers and Repeat Home Buyers.
FHA only requires a 580 Credit Score and allows for down payment as low as 3.5%
They are also a good options for buyers with high debt to income ratios.
How To Get A Louisiana FHA Loan
- 3.5 % Down Payment ( Can Be Gift Funds)
- Credit Score of At Least 580
- 2 Year Work History with No Gaps Over 6 Months and Less Than 3 Job Changes in The Last Year
- A Debt to Income Ratio Under 56.9% ( Lower Credit Scores Could be Capped Under 50%)
- Closing Costs of Around $5k. FHA Does Allow The Seller To Cover Your Closing Costs Up to 6% of the Purchase Price.
See What You Qualify For
Take the first step in owning a home. Complete our quick quiz and see what you qualify for.
Why Choose An FHA Loan
- Lower Credit Score Requirements Than Other Loans
- Available with a Down Payment as Low as 3.5%
- Reduced PMI For Lower Score Borrowers
- FHA Allows 15 year and 30 year options.
- Qualify Even with Past Credit Issues Like Bankruptcy and Collections
What Homes Qualify?
FHA does have specific requirements when it comes to purchasing a home. The home must meet FHA’s minimum property standards.
- It must not be a health or safety hazard. Homes that have mold or require serious remodeling typically won’t qualify for FHA.
- The structure of the home most also be sound.
- Broken glass, chipping paint, missing guard and hand rails are all things that would need to be fixed.
The current FHA Loan Limit for most of Louisiana is $314,827.
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