How to Qualify for an FHA Loan

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LendFast.com - How to Qualify for an FHA Loan

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How to Qualify for an FHA Loan

FHA loans are the easiest type of real estate mortgage loan to qualify for. The FHA guidelines for loan qualification are the most flexible of all mortgage loans that require less than 5% down payment and allow for gifted funds for the down payment.

Following is the basic FHA loan qualification guidelines.

Two Years of steady employment, preferably with same employer.
Last two years Income should be the same or increasing.
Credit report should typically have less than two thirty day lates in last two years.
Bankruptcy's must be at least two years old, with good credit since.
Foreclosure's must be at least three years old, with good credit since.
Your new mortgage payment should be approximately 36% of your gross income.

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 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.

FHA Loan Closing Costs - FHA closing costs guidelines.

Loan Processing - Explanation of what "loan processing".

Underwriting - Explanation of what "Loan Underwriting".

Loan Documents - Explanation of "Loan Documents".

Funding your FHA Loan - Explanation of "Loan Funding".

Recording - Explanation of "Loan Recording". .

Property Appraisal - FHA Property Appraisal requirements and guidelines.

Possible Delays - List and explanations of possible loan delays.

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