| What are the FHA Loan Guidelines? | | | | FHA loan guidelines: |
| Many people are now opting for the FHA loans to buy | | | | 1. Your income must be specified to the lender, |
| their home. Low interest rates of these loans make | | | | 2. The amount of loan that you need has to be |
| people very happy. The advantage of these loans is | | | | specified. The lender would check whether you would |
| that the guidelines are more flexible. Sometimes the | | | | be comfortable with the amount of loan. |
| down payments can also be lesser than 3%. Make | | | | 3. The mortgage payment must not be more than |
| sure that you show the proof for steady income to | | | | thirty one percentage of the total income. If it crosses |
| the lenders. Lenders may want the proof for at least | | | | 31%, the lender would assume that paying back the |
| two year income. | | | | loan would be difficult for you. |
| Another requirement for these loans is that the | | | | A major benefit of these loans is the low down |
| bankruptcy in the past must have been at least 24 | | | | payment. I have got typical home loans in the past. I |
| months old. Requirements for bad credit FHA loans | | | | had a poor credit earlier and thus had to pay a high |
| are also very simple. I have obtained these loans a | | | | down payment to reduce the interest rate. This is the |
| few years ago and i have saved a lot of money by | | | | not the case in FHA loans. Down payments are very |
| not selecting a conventional loan. The following are the | | | | less and you can easily get qualified for it. |