FHA LOANS FHA loans are easier to qualify for than any other real estate mortgage loans. A major reason for this is their requirement guidelines are the most flexible among mortgage loans requiring less than a five percent down payment. The basic FHA loan requirements are as follows: Two years of steady employment, preferably with same employer. Your income over the past two years should be stable or increasing. Your credit report should typically have less than two ’30-day late” situations in the last two years with a credit score of 620 or higher (or in some cases no credit score at all). Bankruptcies must be at least two years old, with perfect credit since discharge. Foreclosures must be at least three years old, with perfect credit from then to now. Your new mortgage payment should be approximately 30% of your gross (before taxes) income. These are some of the most basic requirements to qualify for a FHA mortgage loan. If you meet most of the criteria in the above statements, you may want to consider applying for one…because you probably qualify.
Posted on: Sun, 07 Dec 2014 13:24:50 +0000
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