FHA Qualifications

Qualifying for a home mortgage loan can be difficult, near impossible without a sizable down payment and a moderate credit report. If this describes you and you financial position, an FHA loan may be for you! There are fewer restrictions for FHA loan qualification in comparison to a standard mortgage loan. Qualifications for an FHA loan are: Proven employment status of at least 2 years. Steady or increasing income over a 2 year period. History of on-time payment. No more than two missed payments on your credit. If you've filed for bankruptcy you must wait at least 2 years and have good credit since you filed. Those with foreclosures must wait at least 3 years since the most recent foreclosure. Monthly mortgage payment should be roughly 35% of your gross income. You must pay a minimum of a 3% down-payment (can be a gift, even from the seller). Much higher loan limits as a result of the recent government economic stimulus act through the end of 2008. Only certain properties are eligible - single-family homes, condominiums, double-wide manufactured homes, modular homes and 2-4 unit properties. The property must be your primary residence. Once you have an FHA loan, you can do a "streamline" refinance to lower the rate, fix the interest rate, or change the term with no appraisal, income verification or credit report* (must have on time mortgage payment history for most recent 6 months). These are the basic qualifications for an FHA loan through Advantage Capital Mortgage, as you can see FHA loans can be to qualify for. To learn more contact us or apply online to get the process started.

Quick Links Apply for a FHA Loan FHA Loan Checklist Common FHA Questions FHA Qualifications Benefits of FHA Loans How FHA Loans Work