Home Buying

Buying Guides

Down Payment Options

Loans

Pick My Brain...

Solutions

Other Help

Professionals Only

Site Info

[?] Subscribe To This Site

Basic FHA Loan Requirements

FHA government home loans information below.

Understanding FHA loan requirements is not as hard as you think.

Sponsored Links

Actually, believe it or not FHA house loans are the easiest kind of mortgage for first time home buyers 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 the FHA government home loans are the best programs for those buying their first house. For decades the US Government has offered these FHA house loans as a way for home ownership.

I want to give you some basic FHA mortgage requirements so you can take a quick look and see if you qualify. If you can meet these basic requirements, it is as if you are handed a house key ring for house ownership.

house key ring with fha loan requirements keys

Basic FHA Home Mortgage 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 are on the way to getting your own house mortgage.

This is just some of the basic FHA loan requirements to qualify for FHA government home loans. .

Where Would You like to Go Next...

First time home buyer programs will help you understand the various types of mortgages to choose from.

Perhaps you would like to know more about zero down home loans if you don't have the 3.5% saved for the FHA products.

Do you have more questions? Have a question is an awesome place to get advice. Go ahead....pick my brain!

Stay up-to-date with all that is new at First Time Home Buyer Solutions. Subscribe to the RSS feed at the bottom of the navigation bar over on the left.

Leave Understanding Basic FHA Loan Requirements and return to Best FHA Home Loans main page.

Return to First Time Home Buyer Solutions home page.

Most Popular Pages

First Time Home Buyer Programs

Looking for some First Time Home Buyer Programs? This page reveals where they are and how they work.

Best FHA Home Loans

Discover the coolest information on FHA loans for the First Time Home Buyer. Do you know which one is best for you?

Zero Down Home Loans

Real zero down home loans are hard to find. Revealed here are true no money down loans saving you money. Government program.

First Time Home Buyer Credit Scores

Understanding how credit scores work is the beginning of the mortgage process. Know your credit scores before you apply for a mortgage. Many free details found on this page.

First Time Home Buyer Solutions