How difficult is it to qualify for an FHA home loan?
FHA loans are becoming increasingly the loan of choice for millions of home owners. FHA loans have certain features that allow the loan to be easier to qualify into such as credit score requirements and higher loan to value limits. FHA loans will be tougher to qualify into if you have a debt to income ratio that exceeds forty five percent or you are not able to fully document your income over a two year period.
The majority of economists believe that the housing market will likely take another twelve to eighteen months to begin a full turn around. The housing market will get a boost from the various measures within the new housing bill, if and once this is passed. The major obstacles with the housing markets is the current inventory levels are extremely high, and there is a lack of home buyers to meet this demand. The major benefits of the housing bill could be that it helps to bring home buyers who have been on the fence into the market and change the psyche of the housing markets. You can expect to see regional markets begin improving over the next 12 months, but a full blown national recovery could take well over one year.