FHA Loan Qualifying Summary

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.

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 30% 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.