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Surprisingly, FHA loans are some of the easiest to qualify for. In order to know how to qualify for an FHA, you need to know the FHA loan requirements.
FHA Loan Requirements
The FHA is a part of HUD (U.S. Dep of Housing and Urban Development) and because FHA loans are insured by the government, they make it easier for a lender to offer you a better deal. Below are a list of basic loan qualification guidelines:
- Two years of steady employment, preferably with same employer.
- Last two years' income should be the same or increasing.
- Credit report should typically have less than two thirty day lates in last two years.
- Bankruptcies must be at least two years old, with good credit since.
- Foreclosures must be at least three years old, with good credit since.
- Your new mortgage payment should be no more than about 30% of your gross income.
Also, exact qualifications for FHA loans vary by location. If you are interested in an FHA loan, Lending Tree has recently expanded its service to allow borrowers looking for new loans or refinancing to check their eligibility for FHA loan programs based on their local county-level loan limits and loan-to-value ratios.
FHA Loan Loan Requirements for the purchased home.
The FHA also has some basic requirements for the home that you want to purchase. Homes that are eligible for a FHA loan include:
- single-family homes, 2-4 unit properties
- condominiums
- double-wide manufactured homes
- modular homes
Also, a home is ineligible if the seller acquired the house within the past 90 days. Finally, the FHA financed home must be used as a primary place of residence.
Refinancing an FHA Loan
Already have an FHA loan and you want to refinance? Then read this article titled: FHA Streamline Refinance. It discusses in detail the FHA Streamline Refinance program that FHA has had in place for over 25 years. After you read that article, if you have any questions, then read the FAQ: FHA Streamline Refinance FAQ.
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