Qualification for FHA Mortgage Loans
Qualifying for a mortgage loan can be hard to do if you do not have a lot of money for a down payment or even the best credit report. The best type of loan for you would be a FHA Loan. There are fewer restrictions for a FHA Loan Qualification as opposed to a standard mortgage loan.
Here is a list of the FHA Loan Qualifications:
- You will need to have 2 years of steady employment. Not necessarily by the same employer but it is preferred.
- Your income should be similar or increasing for the past 2 years.
- You should have less than two 30 day periods of late payments on your credit reports.
- If you have declared bankruptcy, then it must be at least 2 years old and you will have to have good credit since then.
- Foreclosures will also need to be older than 3 years and have good credit since then.
- Mortgage payment should be about 30% of your gross income.
These are just a few of the FHA Loan Qualifications to qualify for a FHA Loan. FHA Loans are the easiest to qualify for and can be used to remodel your house. The loan is actually obtained through a private lender but it is backed by the FHA to be repaid. This allows for more people who less than stellar credit or little money to purchase their first house.
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