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.
FHA Loan Programs
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FHA Loan Articles and Mortgage News
March 31, 2023 - After you purchase a home with an FHA mortgage, your lender must provide you with information that can help you keep track of your mortgage. Did you know your lender is required by law, with certain exceptions, to provide you with this information?
March 30, 2023 - It’s a common question. What is the total that a participating lender can charge on an FHA loan? There is no single answer if you are looking for a specific dollar amount. Home loan costs vary depending on the housing market, state law, and other variables.
March 28, 2023 - If there are too many eager buyers for a single property, you may find yourself being pressured to go for a no-inspection purchase (always a terrible idea) or to waive other consumer rights in order to close the deal.
March 26, 2023 - Your lender questions should include whether there is an opportunity to buy down your interest rate, how much that rate might be, as well as any discount or perk offered to you for using that lender over another one. It never hurts to ask.
March 24, 2023 - An FHA appraisal, VA appraisal, or conventional mortgage appraisal all work toward the same end. No matter the nature of the loan itself, the appraisal is meant to establish the current fair market value of the home compared to others like it in the area.
