Get Reduced Interest Rates With an FHA Loan
Determining your eligibility for an FHA loan involves specific steps and factors. Having the following information and documents readily available will help make the process move along:
Your debt-to-income ratio plays a key role in determining whether you are eligible for the loan. Your credit information will tell you what type of home you can afford, based on your income and expenses.
To get an idea of how your credit will factor into your loan, you can take the amount of gross income you receive each month and divide it by the amount of financial obligation. The number you end up with will give you your debt-to-income ratio.