FHA loans are the most flexible of all mortgage loans that typically require only a 3% down payment. FHA loans are the easiest type of real estate mortgage loan to qualify for.
Following are the basic FHA loan guidelines.
At least two years of steady employment, preferably within the same field.
Last two years income should at least be the same or increasing.
Credit report should typically have fewer than two thirty day late payments with in the last two years.
Bankruptcy's should be at least two years old, with mostly good credit since.
Foreclosure's must be at least three years old, with good credit since. And good rental history
Your new mortgage payment should be approximately 46% of your gross income.
These are some of the most basic of FHA loan 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.
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.
Documents Needed - List of documents needed.
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.
Loan Processing - Explanation of what "loan processing".
Submission - Explanation of what "Submitting a FHA Loan is".
Underwriting - Explanation of what is "Loan Underwriting".
FHA Loan Approval - Types of FHA Loan approvals.
Loan Documents - Explanation of "Loan Documents".
Funding your FHA Loan - Explanation of "Loan Funding".
Recording - Explanation of "Loan Recording".
Closing your Escrow - Explanation of the "Closing" of your transaction.
Property Appraisal - FHA Property Appraisal requirements and guidelines.
Possible Delays - List and explanations of possible loan delays.
Learn about the details that can make this the right plan for you. The FHA program will let you purchase a home with a low down payment and flexible guidelines. With no income limits or credit scoring, many people who can afford the monthly mortgage payments and have reasonable credit will qualify for an FHA mortgage. Assuming you meet the above FHA loan guidelines.
