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.
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
New changes give more flexibility to loan servicers, plus new help for home owners who are stuck in homes that are worth less than what is owed on the property. There’s also more help for unemployed home owners. There are many reasons for homebuyers to investigate an FHA home purchase. Your loan is guaranteed by the government, making your application more attractive to lenders. One way to raise the value of your property and lower your utility bills at the same time is to apply for an FHA Energy Efficient Mortgage or FHA EEM.ADDITIONAL ARTICLES
Copyright © 1997- 2010 · FHA.com · All Rights Reserved
Web Design: Bouncing Pixel · Houston, Texas
Qualify for an FHA Loan
FHA Mortgage Rates
Speak to a lender now.
Sites and Offers of Interest
Free FHA Limits Calculator
Get: FHA Limits Widget
FEATURED SITES:
Helping you make the best financial choices, build wealth, and save money during and after your military service.
-- Military Insurance
-- Military Pay
-- GI Bill Education
-- Military Finance
Offering VA loan products that meet the home financing needs of active duty military and veterans across the country.
-- VA Loan Limits
-- VA Loan Refinance
-- VA Loan Guidelines
Remember, the FHA does not make home loans. They insure the FHA loans that we can assist you in getting. FHA.com is a privately owned website that provides information about FHA guaranteed home loans, and is not associated with the federal government or HUD / FHA.
FHA LOAN TYPES:
-- FHA Refinance
-- FHA Home Loan
-- FHA Secure
-- FHA Reverse
-- FHA Loan (fixed rate)
SPECIAL FHA TOPICS:
-- FHA Down Payments
-- FHA in Your City
-- Obama Mortgage
-- HOPE Act
-- FHA Mortgage Tips
-- FHA Loan Prequalify
-- Other Loan Types
-- FHA Loan Questions
