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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.

FHA Rates Near 50 Year Low!

Now is the time to drop the interest rate on your 30-year mortgage or refinance into a 15-year home loan.

FHA Rates for July 24, 2021
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NOTICE: Some FHA mortgage lenders are substantially raising FICO score requirements during the Coronavirus crisis, even though FHA minimums remain unchanged.


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FHA.com is a privately owned website, is not a government agency, and does not make loans.

Prequalify for an FHA Loan

Getting Started Before You Find a Home

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 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

Reasons Why Underwriters Might Deny Your Home Loan

July 21, 2021 - Are you concerned that your lender might deny your home loan? Do you know why your loan might be denied and what you can do about it ahead of time? Reasons may include late or missed payments on rent or past mortgages, low credit scores, or houses that cannot pass the appraisal process.

FHA Loan Rates: Things to Know

July 17, 2021 - The interest rate on your mortgage is an important aspect of your home loan--one you’ll want to think about as early as possible in your planning stages.  If you don’t run the numbers on how much your mortgage will cost over the lifetime of the loan, you’re at a disadvantage.

Benefits of an FHA Loan

July 14, 2021 - What are the benefits of an FHA mortgage loan? There are many things that borrowers may view as helpful, more than may be viewed as pro-consumer, but what are the actual benefits of an FHA mortgage over other types of home loans?

FHA and USDA Home Loan Comparison - Part Two

July 10, 2021 - USDA loans are intended for purchasing a home in agency-defined rural areas. FHA home loans feature no such restrictions on where you may purchase the home, though there are typical considerations for certain natural disaster zones, coastal barrier resource system or protected areas.

FHA and USDA Home Loan Comparison - Part One

July 8, 2021 - If you are looking for an affordable home loan with a low down payment, you have several options depending on your circumstances, financial goals, and credit history. Yes, you have conventional mortgages as an option, but there are also USDA and FHA mortgages.