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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

FHA Construction Loans Compared With FHA 203(k) Rehab Loans

April 13, 2021 - How are One-Time Close construction loans and FHA 203(k) Rehab loans similar? They both require the use of approved builders to do the work, and they both require a minimum down payment. But, the FHA One-Time Close mortgage does not come as a refinance loan option.

FHA Construction Loans Compared With FHA New Purchase Loans

April 11, 2021 - FHA One-Time Close loans (as well as VA One-Time Close or the USDA equivalent) have some differences from existing construction mortgages. Some of these differences involve lender requirements while others are FHA loan program guidelines.

April is Fair Housing Month

April 10, 2021 - How widespread is housing discrimination in America? In 2020 HUD took nearly eight thousand complaints of housing discrimination based on non-financial factors such as race, color, national origin, religion, sex, family status, and disability.

FHA Home Loans and Debt

April 9, 2021 - The debt-to-income ratio is an important calculation for all borrowers--the more income you have compared to outgoing payments every month the better. So how do borrowers with a lot of debt deal with this problem? Learn about what the FHA considers to be a debt.

FHA Loan Down Payment Rules You Should Know

April 8, 2021 - There are some general FHA loan rules you should know in the planning stages of your new loan--rules that can help you decide what to do about saving up for a down payment or how to deal with closing costs. Knowing these rules can help you get much closer to home loan approval.