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
June 12, 2017 - FHA loan rules in the FHA Handbook limit the contributions of an interested party, who may be the seller or any other person or party who wants to contribute to closing costs. These contributions are limited to a maximum of six percent of the sale price of the home.
May 29, 2017 - FHA loan rules have special requirements for home loan transactions that may be termed “identity of interest”. These transactions, which are sometimes allowed, are between parties with an existing business relationship or between family members.
May 22, 2017 - Some borrowers experience some confusion over the rules for FHA loans in cases where a homeowner wants to think about applying for an FHA mortgage to buy a second home. What are the FHA loan rules that apply in such circumstances?
May 16, 2017 - The FHA Loan Handbook states that a borrower may use alimony/child support income to qualify for an FHA home loan if it can be verified and meets FHA requirements. How does your FHA lender may consider alimony and child support as part of a borrower’s effective income?
May 12, 2017 - The FHA Handbook instructs lenders that a borrower is technically qualified for maximum financing at the required minimum 3.5% down payment when the applicant has a FICO score at 580 or higher.
