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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

Understanding Your FHA Home Loan Mortgage Payment

November 22, 2022 - Buying a home with an FHA mortgage requires you to make a down payment, pay closing costs, and ultimately accept the keys and move into your new home. And once that step is done, your first monthly mortgage payment is on the way. 

Help for First-Time Homebuyers

November 19, 2022 - FHA home loans are for many different kinds of borrowers including those who have never owned a home before, those who want to buy and renovate, those who want manufactured homes, or condos.

Adjustable Rate Mortgage Pros and Cons

November 17, 2022 - he reason many apply for an FHA Adjustable Rate Mortgage (FHA ARM) option is because they want to take full advantage of the intro rate or teaser rate, and plan to refinance later on when the mortgage rate environment is more borrower-friendly.

FHA Loan Approval Changes Could Help First-Time Borrowers

November 16, 2022 - The FHA and HUD announced changes to FHA loan approval procedures for first-time homebuyers. The changes essentially give a participating FHA lender the ability to consider qualifying positive rental payment history as a factor in loan approval.

Questions to Ask Your Lender Before Buying a Home

November 14, 2022 - If you are planning to build or buy a home with an FHA loan, there are some questions you want answered before you commit to a particular lender. Some of the answers may be common among participating lenders, and others may vary.