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.

FHA Loan Rates

September 22, 2014
30 Year Fixed
3.95% Rate
3.96% APR
15 Year Fixed
2.875% Rate
3.0% APR

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Prequalify for an FHA Loan

Getting Started Before You Find a Home

More FHA Loan Information:

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
Can the Seller Pay for FHA Home Loan Expenses?

FHA loan rules govern a wide range of issues when it comes to the purchase of a home with an FHA mortgage. The seller would be allowed to contribute up to six percent of the sales price of the property without a penalty.

FHA Home Loans for Single Parents

There’s a type of common question about FHA home loans that involves whether there’s any special help for some FHA loan applicants such as single parents. Is there any assistance for people who need down payment help or lower mortgage payments?

FHA Changes Electronic Signatures Policy

The FHA has announced it would accept electronic signatures (also known as e-signatures) on several FHA home loan documents. The new policies are found in detail described in FHA Mortgagee Letter 14-03.

FHA Reverse Mortgage Basics

The FHA Reverse Mortgage, also known as Home Equity Conversion Mortgages or HECM loans, is designed for those aged 62 and older who own their home outright or have few payments left on the mortgage.

Is There a 'No Credit Check' FHA Loan?

One type of question that sometimes arises about FHA loans-- Is there a no-credit-check version of an FHA mortgage loan? What is the criteria required for FHA loans that do not require a credit check and/or appraisal?