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Un prêt de la Federal Housing Administration, communément appelé prêt FHA, est un prêt hypothécaire assuré par le gouvernement fédéral américain. Bien que le gouvernement assure ces prêts, ils sont souscrits et fournis par des fournisseurs de prêts hypothécaires tiers. Les prêts FHA sont populaires auprès des personnes dont le crédit n'est pas excellent, qui ont peu d'économies ou qui achètent une maison pour la première fois. Cela est probablement dû au fait que les conditions financières requises pour bénéficier d'un prêt FHA sont moins strictes.
In addition to this, FHA loans can be offered to borrowers who have filed for bankruptcy two years prior. They can also be offered to borrowers who have undergone foreclosure three years prior. In both cases, lenders might have additional requirements or exceptions on the waiting period depending on the lender and circumstances.
There are some stipulations to FHA loans. Borrowers must have verifiable employment history for the past two years with payslips. The residence must be the borrower’s primary residence. The property needs to be approved by an FHA approved appraiser and meet certain guidelines. There is also a certain debt to income ratio requirement as well. Usually, a DTI ratio of up to 50% is considered acceptable.
Typically FICO scores affect FHA loans as well. Borrowers with a score of 500 to 579 are required to put 10% as a downpayment. Borrowers with a score above 580 are required to put 3.5% as a downpayment on a property.
The terms for an FHA loan are similar to conventional mortgages, with 15-year and 30-year mortgages available. Typically they are fixed-rate mortgages.
While FHA loans are unavailable for international investors, they can be beneficial to first-time homebuyers, depending on their conditions.