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

July 7, 2015
FHA Rates for July 7, 2015
30 Year Fixed
3.5% Rate
3.74% APR
15 Year Fixed
2.75% Rate
3.0% APR
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FHA.com is a private company, is not a government agency, and does not make loans.

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 Announces Changes to Due and Payable Policies

In the past two years, the FHA Home Equity Conversion Mortgage Loan program has seen a number of changes. New changes cooncern the circumstances under which a HECM loan becomes due and payable and what happens at that time.

What You Need to Know About Your FHA Down Payment

Many financial writers and industry professionals urge new house hunters to start working on credit, good payment habits and other loan prep activities at least 12 months before turning in an application for the FHA mortgage.

Changes in Home Equity Conversion Mortgages for 2015

Home Equity Conversion Mortgages are the FHA version of a reverse mortgage. These loans allow qualified borrowers age 62 and older to apply for a loan against the value of a home owned either outright or very close to being paid off.

FHA Loans With Non-Occupying Co-borrowers

One common question asked by some potential FHA loan applicants has a lot to do with who will sign or co-sign the loan documents. FHA loan rules permit non-occupying co-borrowers and co-signers, but depending on the nature of the transaction the loan amount could be affected.

FHA Adjustable Rate Mortgages

Borrowers applying for FHA home loans do so to get new purchase home loans, refinance loans, and Home Equity Conversion Mortgage loans. Did you know you can apply for new purchase or refinance FHA loans that come with adjustable interest rates?