Borrower must have a Social Security Number be able to document a satisfactory 2 (two) year history of credit, income and assets.

Permanent resident aliens are eligible under the same terms as United States Citizens. The borrower must show evidence of Green Card information.

Non-permanent resident aliens may be eligible if satisfactory evidence of legal residency and ability to work in the United States is documented.

1. Borrower must be the primary resident only.
2. Borrower must have a social security number and a satisfactory 2-year credit profile, income, assets, and credit.

Co-Borrower must complete a loan application and a complete underwriting of income, credit and assets is required. The co-borrower will be qualified the same as the primary borrower.

The co-borrower cannot be a person who is a third party to the real estate purchase transaction: seller, realtor, builder, or appraiser.

The Busch Team, local mortgage lender Metro DC, NW DC (DuPont, Logan, Georgetown)
Non-Occupying Co-Borrowers:

A co-borrower who will not occupy the property, but is being added to the loan application to strengthen the profile is permitted.  Maximum financing is available under the following:

• The Co-Borrower must be a close family member or demonstrate a long-standing family relationship with the primary Borrower. If no such relationship can be verified, the LTV cannot exceed 75%.
• The subject property is a single family detached, PUD, or an approved condo unit.
• Co-Borrower must have a primary residence in the United States of America.
• A complete credit underwriting analysis will be performed for the non-occupant co-borrower. The income, assets and debt will be included in the loan information and will be weighed equally with the borrower.

Allowances for seasonal employment, such as is typical in the building trades, etc., may be made.

The lender or underwriter is looking to show a steady source of constant earnings. Borrowers with frequent job changes generally show a lack of stability. Also, large swings or changes in income will also lead an underwriter to question the stability of the income. A borrower who changes jobs frequently within the same line of work, but continues to advance in income or benefits should be considered favorably.

The Busch Team, local mortgage lender Metro DC, NW DC (DuPont, Logan, Georgetown)
Why Ask for an FHA Loan?

There are lots of reasons to ask your lender for an FHA loan instead of taking a conventional or an expensive and risky sub-prime mortgage loan. Why not take advantage of the many benefits and protections that only come with FHA:

Easier to Qualify - Because FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements so its easier for you to qualify.

Less than Perfect Credit - Even if you have had credit problems, such as bankruptcy, its easier for you to qualify for an FHA loan than a conventional loan.

Low Downpayment - We have a low 3% downpayment, and that money can come from a family member, employer or charitable organization. Other loans don't allow this.

Costs Less - Many times, FHA loans have competitive interest rates because the loans are insured by the Federal Government. Always compare an FHA loan with other loan types.