|HUD home loan provides housing loan for all the people of America who are not able to afford the escalating interest rates by other banking enterprises. It joins hands with the FHA – federal housing administration and both provide home loans at affordable rate of interest. Both these are federal government entities and they aim mainly towards improving the housing sector in the US. HUD home loan requirements are standard requirements which the home owner must have. Lets have a look at them one by one:
HUD Home Loan Requirements
Same HUD home loan requirements are applicable throughout the state. HUD is responsible for America's housing needs. FHA is a part of HUD that provides housing loans to people. The federal housing administration is an entity of HUD and the motive of both these organizations is the same. The down payment given is as low as 3%. HUD home loan requirements allows you to make a greater repayment so that the loan is paid back at a faster rate. FHA 203 b is the most popular and most preferred home finance.
- Only the owner occupants can apply for a HUD housing loan. Investors are not supposed to apply for the same
- The home loan borrower must have a valid SSN – Social Security Number
- HUD home finance is available only for one residential property not more than one. This is because, the HUD caters only to the lower income group and it has to fulfill the housing requirements of all the people of America. That is why, it gives housing loans only for one house
- The applicant must be of a legal age
- In order to qualify for a HUD home loan you can go to a HUD approved lender who will verity your credit history, assets, liabilities and income
- They do not have any maximum income limits
- They do not include any minimum credit scores
- The HUD considers alternate credit sources such as child care, furniture, cell phone bills etc
- The HUD home loans are available one year after bankruptcy
- Excess mortgage will not be given
To know more on HUD home loan requirements you can log on to their official website: www.hud.gov/ .