Government Mortgage Law & Legal Definition
The Federal Housing Administration (FHA) offers 15 and 30 year fixed-rate mortgages. FHA has both single family (1-4 unit homes) and multi-family (5 or more units) mortgage lending programs. FHA also has 1 year adjustable mortgage, and also offers a reverse mortgage to senior citizens through the " Home Equity Conversion Mortgage" program, or "HECM".
FHA loans are subject to maximum loan amounts by county, but there is no minimum loan amount. FHA loans are also readily assumable. The standards for qualifying for a mortgage loan are generally as follows:
- Two years of steady employment, preferably at the same company
- Last two years income should be the same or increasing
- Credit report should typically have less than two thirty day lates in last two years
- Good credit for the past two years with no bankruptcies in that time
- No foreclosures in the past three years
- The new mortgage payment will be approximately 30% of your gross income
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