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.
- 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 620 or higher or
in some cases
no credit score at all.
- Bankruptcy's must be at least two years old, with
perfect credit since discharge.
- Foreclosure's must be at least three years
old, with perfect 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".
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