FHA Loan Qualifying Summary
FHA loans are the easiest type of real estate mortgage loan to qualify for.
The FHA loan requirement guidelines for loan qualification are the most flexible of all mortgage loans that
require less than 5% down payment.
Basic FHA Loan Requirements for 2015.
- Two Years of steady employment, preferably with same employer.
- Last two years Income should be the same or increasing.
- Credit report should typically have less than two thirty day lates in last two years with a minimum credit score of 580 or higher or in some cases no credit score at all.
- Bankruptcy's must be at least two years old, with good credit since discharge.
- Foreclosure's must be at least three years old, with no 30 day lates credit since.
- Your new mortgage payment should be approximately 30% of your gross (before taxes) income.
These are some of the most basic of FHA loan requirements for qualifying for a FHA loan. If you have answered yes to most of these statements, you probably qualify for a FHA mortgage loan.
Get prequalified for a FHA
loan >> Here - or- Apply now for a FHA loan >> Here.
If you are unsure about your credit score or credit report, you can get a free credit score and view your credit report online instantly.
Following are some hyperlinks to some more detailed descriptions of FHA guidelines for qualifying
for a FHA loan. Please click on the item that you require additional information on FHA requirements.
Detailed FHA Requirements.
- Income - Income qualification guidelines for FHA loans.
- Credit - FHA guidelines for Credit qualification.
- Savings- Savings requirements and guidelines for FHA loans.
- Ratio's - Income to Debt ratio's guidelines for FHA loans.
- Submission - Explanation of what "Submitting a FHA Loan is".