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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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September 25, 2018
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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

FHA Down Payment Rules and Options

September 24, 2018 - FHA home loans are attractive to many borrowers because the FHA guidelines are more forgiving with FICO scores, and a lower down payment is required than for some other mortgages. But your down payment requirements aren’t just set by the FHA; lender standards also have a say.

Can I Get Cash Back on an FHA Jumbo Loan?

September 22, 2018 - For FHA 203(b) loans, the amount of money approved for the mortgage must pay for the home and include the add-ons, but no cash is allowed back to the borrower except in the form of a refund. That is one reason why some borrowers ask about an FHA Jumbo Loan.

What if I Have an Account Collection in My Credit History?

September 20, 2018 - FHA borrowers who have experienced this negative credit event often wonder if it account collections in their credit histories will hurt their chances for FHA home loan approvals; much depends on the age, the amount, circumstances, and lender requirements in this area.

Is it the Right Time to Apply for an FHA Mortgage?

September 18, 2018 - There are some important questions to ask yourself as you begin the planning stages for a new FHA home loan. If you are going into the process without the answers to these important questions, you might not be ready to apply for a new loan just yet.

Refinance Loan Options: FHA Rate-And-Term Refinancing

September 16, 2018 - Do you know how you can use an FHA rate-and-term refinance loan? This type of FHA refinance loan is for owner-occupiers and features no cash back to the borrower (except for refunds), and has a variety of possibilities.

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!