FHA loans
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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Prequalify for an FHA Loan

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 qualify for. 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 to qualify for.

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 NEWS and RELATED ARTICLES
Some FHA loan applicants come to the application process wanting nothing more than to make their down payment and get into their mortgage. But other borrowers approach their FHA mortgage with a pre-payment strategy.

Are you ready for an FHA guaranteed home loan application? When it's time to fill out the forms, borrowers are asked to list a variety of items including vital credit data.

Many FHA loan applicants have worked hard to build up their credit scores but aren't sure whether they can qualify for an FHA loan. If the borrower does not meet minimum FHA standards, the loan application will be denied.

Reservists and members of the National Guard who are looking for a VA home loan should become familiar with the VA loan rules that spell out minimum periods of military service to establish eligibility for the VA loan benefit.

There are many questions about VA refinancing loans. One that comes up occasionally has to do with the credit check procedures associated with some kinds of VA refinance loans.

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