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.
FHA Loan Programs
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FHA Loan Articles and Mortgage News
September 18, 2023 - First-time homebuyers and experienced homebuyers who have never applied for an FHA mortgage may wonder whether they can use an FHA mortgage in certain situations. We examine some of the allowed and disallowed uses for an FHA mortgage in this article.
September 17, 2023 - Credit scores and what it takes to be approved for a mortgage are among the most frequently asked-about topics related to FHA home loans. What does Experian recommend a borrower do to better qualify for an FHA mortgage or any other type of home loan?
September 16, 2023 - Some think the question of buying a home in 2023 is absurd. They look at the high interest rates we see at press time compared to the rates available a year or two ago and wonder why anyone would purchase a home under current conditions.
September 15, 2023 - How much money should a first-time home buyer save for a down payment? It depends on the type of home loan you want, whether you want to avoid mortgage insurance, and whether your FICO scores are high enough to qualify for the lowest down payment.
September 12, 2023 - CBS News MoneyWatch published an article in the last days of August 2023 noting that mortgage rates are hovering in the 7% range, with no real end in sight to the higher interest rates reported at press time. This article lists some of the top ways you can get a lower mortgage rate.
