While prequalifying for an FHA loan doesn't necessarily guarantee that you will be able to purchase the home of your dreams, it does help you and potential lenders know your borrowing power and what you can afford.

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May 29, 2016
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Prequalify for an FHA Loan

Getting Started Before You Find a Home

FHA home loans were designed to help Americans fulfill their dream of homeownership and are therefore the easiest type of real estate mortgage loan to for which you can qualify. Among the home loan options available that require a minimal down payment, FHA loans are the most popular. In fact, the FHA loan is the most flexible type of home mortgage loan available.

THE ESSENTIALS

  • Steady employment history, at least two years with the same employer.
  • Consistent or increasing income over the past two years.
  • Credit report should be in good standing with less than two thirty day late payments in the past two years.
  • Any bankruptcy on record must be at least two years old with good credit for the two consecutive years.
  • Any foreclosure must be at least three years old with good credit for the past three years.
  • Mortgage payment qualified for must be approximately 30 percent of your total monthly gross income.
  • If you can answer YES to these statements you should have no problem qualifying for an FHA home mortgage loan.

While prequalifying for a loan doesn't necessarily guarantee that you will be able to purchase the home of your dreams, it does help you and potential lenders know your borrowing power and what you can afford in terms of a monthly mortgage payment. Prequalifying for a loan simply means that you have taken an inventory of your income and assets and submitted them to your potential lender. Based on that information you should be able to qualify for a home mortgage loan.

FHA Loan Articles

Read About Mortgage News, FHA Updates, and Guidelines
FHA Home Loan Options

Some loan applicants don’t realize their FHA loan options include fixed and adjustable interest rate loans, and there is also the possibility of adding energy efficient features to the home you buy or refinance, using an FHA Energy Efficient Mortgage.

FHA Reverse Mortgage Loans for Qualified Borrowers

The reverse mortgage allows qualified borrowers to tap into the value of their home, and it’s an option many borrowers either close to owning the home outright or who have already paid off their mortgage loans may consider.

Refinance Loans: True and False

The preparation phase for an FHA refinance loan is important, and if you start early the same way as preparing for the original purchase loan, you may save yourself some valuable time later on.

Minimum Property Standards for Power Lines and Access to Property

The rules for overhead power lines are specific--where they pass by or through the property can be a problem depending on the location of those lines.

Minimum FHA Loan Standards for Properties Served by Wells

When the FHA and HUD published new single family home loan rules in HUD 4000.1, they replaced all the previous FHA/HUD publications with rules and regulations for FHA mortgages.