| FHA home loans are by far the most popular | | | | not have any more than two thirty day late payments |
| mortgage loans available. FHA stands for Federal | | | | in the last two years. Lenders would ideally like to so |
| Housing Administration and is a government agency. | | | | no late payments on your credit, but one or two will still |
| These FHA home loans are generally loans that are | | | | be allowable. |
| funded by a federally qualified lender, but are insured | | | | 3. Have a bankruptcy? Don't worry, one of the FHA |
| by the Federal Housing Administration. Although a FHA | | | | loan qualifications covers this area. If you have any |
| Home Loan is easier to get than a conventional | | | | bankruptcies on your credit, you might want to wait at |
| mortgage loan there are certain FHA Loan | | | | least two years since it's been discharged. |
| Qualifications. | | | | While you are waiting for your two years, you need to |
| FHA home loans are so popular because they will | | | | also show perfect credit since the bankruptcy too. As |
| allow you to finance your home purchase with having | | | | for previous foreclosures, lenders would like to see a |
| much less than the traditional twenty percent down. | | | | minimum of three years of perfect credit since the |
| You can have as little as three and a half percent. This | | | | foreclosure. |
| really allows more people to be able to own their own | | | | 4. And lastly, your new mortgage payment shouldn't be |
| home. | | | | more than thirty percent of your gross income. |
| Once you have decided that this might be the way to | | | | Those are the FHA loan qualifications on a very |
| finance your home purchase, you need to make sure | | | | superficial level. Generally, these loans are the most |
| you can meet the FHA loan qualifications. | | | | popular because the FHA loan qualifications are so |
| Even though FHA home loans are the easiest type of | | | | easy to meet. They are specifically designed for the |
| loan to qualify for, you need to be able to meet these | | | | average American that is really looking to purchase a |
| basic FHA loan qualifications. | | | | home. They do not need to have ton of money down |
| 1. The first FHA loan qualification is at least two years | | | | and you don't have to have absolutely perfect credit |
| of consistent income. Most preferably from the same | | | | to qualify. |
| employer. Once you can prove your employment | | | | So if you are looking to purchase a home and you are |
| history, lenders also like to see that your last two | | | | looking for a mortgage loan, your best chance is a |
| years of income has at least stayed the same or | | | | FHA Home Loan because it is the FHA Loan |
| even better if it has increased. | | | | Qualifications are more lenient than a conventional loan. |
| 2. The next qualification is that your credit report should | | | | |