How Do I Pre-qualify for an FHA Loan?
FHA Common Question #8
There are many factors you will need to pre-qualify for an FHA loan. You should be able to demonstrate employability, job stability and reliability. This reliability includes holding a steady job for at least two years with the same company or employer and increasing or at least consistent income.
Any foreclosures on your record should be at least three years old. The same applies for bankruptcy. The FHA loan bottom line-make sure you can demonstrate that you have been a good risk for two years or more and you will have a much better chance at pre-qualifying for an FHA loan.
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FHA Loan Articles and Mortgage News
April 20, 2018 - FHA appraisals are not inspections and should never be considered as such. Just because your home “passes” the FHA appraisal you should never assume the home is defect-free. The appraisal is not designed to catch any and all defective conditions in the home.
April 18, 2018 - There are some borrowers who want to know why it’s not possible to purchase a houseboat or a recreational vehicle (RV) with an FHA mortgage loan. Do you know the difference between a mobile home and an RV? Or why houseboats will never qualify for FHA home loan approval?
April 16, 2018 - FHA One-Time Close construction loan options are available for borrowers who wish to apply for an FHA mortgage, but don’t want to buy an existing property. Not all borrowers understand they have options for this type of loan-options that include VA and even USDA construction loans for qualified applicants.
April 14, 2018 - FHA One-Time Close construction loans are designed for those who want to have a home built for them from the ground up. Construction loan mortgages, especially FHA One-Time Close loans, are unique among mortgage lending products and have some distinct advantages.
April 12, 2018 - There’s more than one factor at work in that particular equation, as we’ll see. Did you know you can buy or renovated a multi-unit property with an FHA mortgage? Or rent out the unused living spaces in your newly purchased property?
FHA.com Reviews
FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!
