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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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November 12, 2019
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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

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 Loan Appraisal Issues: Cosmetic or Health Hazard?

November 2, 2019 - Raising awareness of the lead paint issue is a priority with HUD if the number of awareness campaigns the agency has run over the years is any indication. FHA assumes that homes built before the 1978 lead paint ban went into effect are presumed to be contaminated.

Who Offers the Lowest Down Payment Option?

November 1, 2019 - Do you need a home loan? Are you looking for a lower down payment? Borrowers often want to know who offers the lowest mortgage loan interest rates and the lowest down payments, not realizing that they have a say in what is offered.

FHA Foreclosure Prevention in Federal Disaster Areas

October 31, 2019 - In August of 2019, the Department of Housing and Urban Development official site was updated to include new guidelines for loss mitigation procedures and foreclosure prevention help for qualifying borrowers affected by natural disasters in federally-declared disaster areas.

Refinance Loan Rules: Know Before You Apply

October 30, 2019 - The most important rule to know starting out is that you do not have to have (in most cases) an existing FHA mortgage to refinance; you can have a conventional, VA, USDA or other non-FHA mortgage and qualify for a refi.

What Your Lender Can Tell Your Before You Commit

October 24, 2019 - Buying or refinancing a home with an FHA mortgage should mean shopping around for the right participating lender. It doesn’t always happen as some borrowers will select their current lender or possibly a new one that offers better terms