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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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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

Your Monthly Mortgage Payment: What You Should Know

June 28, 2022 - With a home loan you should consider doing some calculations on the amount you pay on the loan principal and the interest, divided by the number of months you are obligated to on the mortgage note. Also consider a shortlist of other expenses that may be included.

What Borrowers Should Know About FHA Loans for Home Renovation

June 26, 2022 - If you need to apply for an FHA home loan to renovate, the first thing you need to know is that while FHA loan rules say you may be allowed to be your own builder or contractor, doing so may be up to lender standards.

How Much Is My Monthly FHA Mortgage Payment?

June 23, 2022 - What information do you need to have when you need to answer the question about how much your monthly mortgage payment be? It’s not just a matter of dividing the loan amount by the number of months and calculating the interest on your loan.

Know This Before You Build or Remodel a Home

June 21, 2022 - FHA loans aren’t just for existing construction houses. There are also low down payment FHA loans that can help you build or renovate a home.  An FHA One-Time Close mortgage is an option to consider, with its low 3.5% down payment requirement.

HUD Announces Funding for Fair Housing Organization

June 19, 2022 - The Department of Housing and Urban Development has announced more HUD funding to help Fair Housing agencies fight violations of the Fair Housing Act including illegal discrimination in the housing process. It’s the latest move in a wave of actions the agency has taken recently.