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FHA loans are the easiest type of home mortgage loan to qualify for. The FHA guidelines for loan qualification are the most flexible of all mortgage loans and require only 3.5% down payment.  The down payment can come from savings, retirement, or a gift from family member, Employer or close friend.

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Basic FHA loan qualification guidelines:

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Two Years of steady employment in the same line of work. If you are employed you will need to provide 2 years W-2s and if you are self employed you would need to provide 2 years tax returns

Last two years Income should be about the same amount of or increasing

Credit scores should be a minimum of 550 or higher for your middle score or no credit score at all. Collections for Medical bills can be left unpaid

Collection Accounts within the past 2 years should be paid or settled with a 0 balance. Call to Discuss Open Collections

Chapter 7 Bankruptcy Discharge must be at least two years old, with no late payments since discharge.  Chapter 13 Can Be Open with Payments currently being made monthly and will require Trustee and Court Approval for new mortgage

Foreclosure and Short Sales must be at least three years old, with no late payments since unless you qualify for FHA "Back to Work Program."

Your new mortgage payment and minimum monthly credit payments should be approximately 45% of your gross (before taxes) income.  With Higher Credit Scores . . . Debt Can Go to 54% of your gross income.

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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 most likely will be Pre-Approved for an FHA Loan. If you have questions or would like to discuss your situation and be qualified - please call toll free (877) 257-0042

 

 

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