FHA Loan
Qualifying Summary
...............................................................................FHA loans are the easiest type of real estate mortgage loan to qualify for.
The FHA guidelines for loan qualification are the most flexible of all mortgage loans that
require less than 5% down payment.
Following is the basic FHA loan qualification guidelines.
- 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.
- Bankruptcy's must be at least two years old, with good credit since.
- Foreclosure's must be at least three years old, with good credit
since.
- Your new mortgage payment should be approximately 30% of your gross
income.
These are some of the most basic of FHA guidelines 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 report, you can get a free credit report and view it online instantly.
Following are some hyperlinks to some more detailed descriptions of
qualifying for a FHA loan. Please click on the item that you require additional
information on.
- Income - Income
qualification guidelines for FHA loans.
- Credit - Credit
qualification guidelines for FHA loans.
- 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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