It’s Getting Easier to Qualify for an FHA Mortgage Loan

Wondering whether you qualify to purchase a new home? A government agency reports that the average credit score on FHA-backed loans fell to 680 in 2013, and the average debt-to-income ratio of borrowers rose to 40.3 percent — both indicators that credit requirements may be easing.

In comparison, the agency reported in January 2013 that the average credit score was 701 and the debt-to-income ratio was 38 percent.

If you’d like more information on whether you qualify for an FHA or other type of mortgage to buy a home, contact me today ((443) 924-7418). I’ll be happy to put you in touch with an excellent group of mortgage professionals.

It’s Taking Less to Get an FHA Loan

 

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