What are the FHA Loan Requirements?

fhahome.jpg

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.

Related Articles

Source: FHA and HUD
Search All Articles
Related Articles
How To Save On Closing Costs
HomecashsmMany are shocked when they learn how much they owe to close on their mortgage. But there are ways to save before you sign on th
What are the FHA Loan Requirements?
FhaThe FHA makes it easy to secure a home loan. The FHA Loan Requirements are described in detail in this article.
Homeowners Insurance
HomeinstTips on how to shop for homeowners insurance and save money-also avice on flood insurance
Asbestos
Asbestosdanger2_thAn information guide on asbestos and asbestos abatement. Also discusses vermiculite and how it relates to asbestos.

More...
Most Popular
Work Related Hearing Loss
NoisemeterthumbNoise-induced hearing loss is one of the most common occupational diseases
Should You Invest In An ETF?
MarketssmLearn if ETFs are right for your investment portfolio
How To Select The Right HOA Management Company
QuestionshowsmFour tips to help you select the right firm for your community
The Value of Home Maintenance
HomemntcsmWith proper maintenance your home will not only provide a pleasant and safe living environment but will also help keep small fix

More...

Zip Code Profiler

Neighborhoods, Home Values, Schools, City & State Data, Sex Offender Lists, more.

Instant Home Value!