Medallion is a direct FHA endorser which gives us the authority to make our own credit decisions on our files. In addition to being a direct FHA Lender, Medallion has been recognized as a Fair Practice Lending Institution. This acknowledgment allows us to review and overturn other DE underwriter decisions as we deem necessary. There are fewer restrictions for FHA loan qualification in comparison to a standard conventional mortgage loan. Some Qualifications for an FHA loan are:
A two (2) year employment history, different employers is ok.
Steady or continua income over a 2 year period.
Mortgage or Rent history of on-time payments for the last twelve (12) months.
If you've filed for bankruptcy you must wait at least 2 years and have good credit since you filed.
Those with foreclosures must wait at least 3 years since the most recent foreclosure.
As of January 1st 2009, you will need a minimum of a 3.5% down-payment.
All of the down-payment can be a gift.
The property must be your primary residence.
These are the basic qualifications for an FHA loan through, Medalliom Mortgage Company, as you can see FHA loans can be to qualify for. To learn more contact us or apply online to get the process started.
