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.
- 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 Articles and Mortgage News
Read About FHA Requirements, Updates, and Guidelines
FHA Loan Rules for Second Homes
April 5, 2017 - If you are interested in an FHA mortgage, it’s important to understand that occupancy is a key issue. All FHA loan borrowers are expected to occupy the home as their primary residence and are usually required to take possession of the home within 60 days of the loan closing.
FHA Updates PACE Policy
March 9, 2017 - In early 2017, the FHA published updates to its PACE policy. While not all purchasers may be affected by these changes, those who are purchasing property encumbered with a Property Assessed Clean Energy obligation should know about the updates.
FHA Updates Loan Limits for 2017
February 27, 2017 - When the FHA/HUD official site announced FHA mortgage loan guaranty limits for 2017, it quickly followed up the original announcement with some important corrections. However, the makes no changes to FHA loan limits, including those in the special exception areas.
FHA Loan Policy and Student Loan Payments
February 6, 2017 - There are many variations on a theme when it comes to one FHA loan question as it relates to a borrower’s debt-to-income ratio when student loans are involved. How does the lender calculate monthly payments for estimated payment to begin when schooling is complete?
FHA Loan Maximum Amounts for 2017
November 15, 2016 - Are you looking for a home to purchase with an FHA mortgage? Issues new to some first-time borrowers include FHA loan limits, and the maximum loan amount you can apply for. FHA home loans feature a maximum loan amount, which may vary.