Mortgage Loan
FHA Mortgage Loan Qualifying Summary
FHA Mortgages – Buy a Home using an FHA loan
The FHA mortgage was created to help increase homeownership. The FHA loans make buying a Florida home easier and cheaper than other types of Florida real estate loan programs. Below we have outlined some basic FHA qualifying criteria
Other FHA loan benefits:
Minimal Down Payment and Closing Costs.
- Payment less than 3.5% of sales price
- Gift for down payment and closing costs allowed.
- No reserves or required.
- FHA regulated closing costs.
- Seller can credit up to 6% of the sales price towards buyers costs.
Easier Credit Qualifying Guidelines such as:
- Minimum FICO credit score on 540th
- FHA will allow a home purchase 2 years after a bankruptcy.
- FHA will allow a home purchase 3 years after a Foreclosure.
Easier Debt Ratio & Job Requirement Guidelines such as:
- Higher debt ratio's than other home loan programs.
- Less than two years on the job is permitted.
- Self-employed persons ok
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FHA Mortgage Loan Qualifying Summary
FHA mortgages are the easiest type of Florida real estate mortgages to qualify for. The FHA guidelines for loan qualification are the most flexible of all mortgage loans, which require only 3.5% down payment.
Following is the basic FHA loan qualification guidelines.
- Stable, predictable income, with two years of steady employment history.
- Applicants average last two years income should be the same or increasing.
- The credit report should show minimal collections in the past 12 months and have at least a 530 FICO
- Bankruptcy's must be at least 2 years old, with perfect credit since discharge.
- Foreclosure's must be at least 3 years old, with perfect credit since.
- Your new FHA mortgage payment should be approximately 35% of your gross (before tax) income.
These are some basic of FHA guidelines for qualifying for to FHA mortgages. If you answered "YES" to most of these statements, you probably qualify for an FHA mortgage.
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