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Understanding Basic FHA Loan Requirements

FHA Loan Requirements

Understanding FHA loan requirements is not as hard as you think. Actually, believe it or not FHA loans are the easiest kind of real estate loan to qualify for.

You can get into a house with 3.5% down or even with no down payment if you meet the guidelines.

One thing for sure, the FHA guidelines for loan qualifications are some of the most flexible out there. That is why an FHA loan is the best program for first time home buyers. For decades the US Government has offered this FHA home loan as a way for home ownership.

I want to give you some basic FHA requirements so you can take a quick look and see if you qualify. If you can meet these basic requirements, it's as if you're handed keys to home ownership.

Basic Requirements

You need 2 years of steady employment, it’s best if with the same employer.

Your last 2 years of income needs to be consistent or increasing.

On your credit report, you cannot have more than 2 thirty days lates and a minimum credit score of 620.

If you had a bankruptcy, it needs to be 2 years or longer since it was discharged and no credit dings at all since it was discharged.

Foreclosures have to be 3 years or more and again, no dings on the credit, your credit should be perfect.

Your new FHA Loan payment should be no more than 28% of your monthly income.

When you look at these Loan Requirements, it seems rather simple right? Well there is more to it than this, but if you can pass this small test, you’re on the way to getting your own FHA Home Loan.

This is just some of the basic guidelines to qualify for a FHA Loan. I would like to share some other information with you on this subject. Please click below to go to my Best FHA Home Loans page to read on the various kinds of FHA Loans available to you.

If you would like to leave Understanding Basic FHA Loan Requirements and return to our Best FHA Home Loans main page, click here.

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