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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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July 15, 2018
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The Path to Homeownership
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.

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FHA Loan Articles and Mortgage News

What Sellers Should Know About FHA Home Loans

July 6, 2018 - If you are selling your home, you and your real estate agent need to know some important points about FHA home loans to help you make the best deal possible. There are some aspects that can help sellers properly price and sell their property to someone using an FHA mortgage.

FHA Bad Credit Home Loans

July 3, 2018 - For maximum financing and the lowest possible down payment requirement under the FHA loan program’s rules, borrowers should come to the FHA mortgage loan application process with a credit score of 580 or higher.

Tips for Buying or Building a Home With an FHA Mortgage

July 1, 2018 - Are you new to the home loan process and need tips for buying or building a home using an FHA mortgage? There are three basic areas you should consider immediately once you decide for sure that you want to apply for a home loan.

FHA Cash-Out Refinancing and Rising Property Values

June 27, 2018 - FHA cash-out refinancing for homes with rising property values could make cash available for a wide variety of purposes; paying down student loans, making home improvements, or even paying for vacations and related expenses.

Mistakes Made By FHA Loan Applicants

June 24, 2018 - Do you want to avoid some common mistakes that new home loan applicants make? There are some areas you can address in the planning stages of an FHA home loan or refinance loan that will save you time and possibly even thousands of dollars.

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!