Will I Qualify for an FHA Loan?
The FHA mortgage loan guidelines for loan qualification are the most flexible of all mortgage loans (OK, maybe not as flexible as this guy) that require less than 5% down payment. Although some of the guidelines have gotten more stringent, they are still the easiest loans on the market to qualify for today.
Following are the basic FHA 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 with a minimum credit score of 620 or higher or in some cases no credit score at all.
- Bankruptcy’s must be at least two years old, with perfect credit since discharge.
- Foreclosure’s must be at least three years old, with perfect credit since.
- Your new mortgage payment should be approximately 30% of your gross (before taxes) income.
These are some of the most basic of FHA guidelines for qualifying for a FHA loan. If you have answered yes to most of these statements, you probably qualify for a FHA mortgage loan.
If you are thinking about buying a multi-family home then please read article entitled
New Jersey FHA Mortgage and Multi-Unit Properties for First Time Home Buyers
Please contact us at 201-943-6800 to schedule your FREE No-Obligation Consultation where we will meet to tailor a program to fit your needs and comfort level for monthly payments and investments.
If you would like to get started now please fill out a Secure Online Application and we will contact you to set up your free consultation and get you into the home of your dreams with the best terms available…regardless of your credit!
I hope you have enjoyed this blog.
Until next time,
Tony
201-943-6800
P.S. Also, make sure you register for our Insider Mortgage Secrets, browse our HomeBuying Resources section and fill-out a free no-obligation secure online application or call our Edgewater, New Jersey (NJ) office in Bergen County (New Jersey Gold Coast) at 201-943-6800 with any questions you have.
P.P.S. CLICK HERE to check out our FREE Credit Repair Program.
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