FHA Loan and Refinancing - Home > FHA Loan Qualification

Qualification for FHA Mortgages

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.

Start Your FHA Loan Qualification

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.

Begin your FHA Loan Qualification process today and enjoy your initiation into the world of home ownership.