If you are a North Carolina homebuyer who is ready to move forward and finance the home of your dreams, you may be eager to learn about the FHA loan requirements in NC. Fortunately, FHA loans are simple and straight-forward, and they come with minimal requirements, three of which we’ll discuss here. When applying for your FHA loan in NC, you will need to meet the following requirements:
1. You Must Have Gainful Employment
Whether you are a wage earner or are self-employed, you may qualify for an FHA loan, so long as you can show two years worth of income. If you are a wage earner, this means that you’ll need to show your W2s for the past two years. Many FHA loan applicants have switched jobs, which is okay as long as they have had a continual work history for the past two years. We may need to perform an employment verification with your current employer if you have changed jobs.
2. Your Credit and 3. Your Down Payment
With FHA loans, credit is not going to be a problem for most applicants. For first-time homebuyers with a 3.5% down payment, you are only requested to have a 580 credit score. Note that 3.5% is not a guaranteed rate. Depending on the borrower’s credit score and other subjective factors, the down payment requirement can range from 3.5% to 10%.
Something to consider about the down payment is that the down payment doesn’t have to be paid by you. Down payments can be gifted. As long as somebody can show on paper that they have the ability and the intention to give you that gift, that’s something we can use with an FHA loan as well.
It’s not very difficult to get an FHA home loan. Most of the time, people assume that it’s going to be more difficult than it really is. When you have a professional, such as those of us from AmeriSouth, who can answer your questions and give you all of the details, the process of getting approved becomes easy.
Call AmeriSouth for a No-Pressure, No-Obligation FHA Loan Consultation
The three major requirements for getting approved for an FHA loan are being able to provide W2s or invoices, your credit score, and a copy of your bank statement to show where your down payment is coming from. Again, you can also show a gift letter from a family member if the money for the down payment is being gifted to you.
If you would like to explore the idea of applying and getting approved for an FHA loan or just want to know all of the nitty-gritty FHA loan requirements in North Carolina, start the conversation with AmeriSouth today. You may reach out by phone or email and schedule a no-cost consultation. Even if a person doesn’t meet every requirement perfectly, there are often options to explore for FHA loan approval.