If you have a home-based business or have money tied up in developing your startup, it can be challenging to get a mortgage. For small business owners, a Federal Housing Administration (FHA) loan is an alternative option to conventional mortgage plans. Those who don’t qualify for a mortgage may qualify for an fha loan.Click to see full answer. Likewise, people ask, can you get a FHA loan for a commercial property?FHA insured mortgages are available for condos, duplexes and manufactured homes. FHA mortgage loan rules do permit the purchase of property with a mixed residential/commercial use. FHA requirements allow such purchases as long as they fall within certain guidelines.Furthermore, can you get a FHA loan with 1099? If you earn 1099 income as an independent contractor, freelance worker or a salesman, you can qualify for an FHA loan if you can document steady 1099 income for the past two years. Also asked, what qualifies you for an FHA loan? An FHA loan is a mortgage that’s insured by the Federal Housing Administration (FHA). Borrowers can qualify for an FHA loan with a down payment as little as 3.5% for a credit score of 580 or higher. The borrower’s credit score can be between 500 – 579 if a 10% down payment is made.What is the downside of a FHA loan? Downsides of FHA loans Not only do you have to fork over an upfront MIP payment of 1.75% of your loan amount, but you must also pay an annual premium that works out to around . 85% of your loan. Worse, FHA borrowers typically pay these premiums for the entire life of their mortgage — even if it lasts 30 years.
