- Two Years of steady emplyment, preferably with same emplyer
- Last two years income should be the same or increasing
- Credit report should have less than 2 thirty day lates in last two years with a minimum credit score of 580 or higher.
- Bankruptcy's must be at least two years old.
- Foreclosure's must be at least three years old, with no 30 day lates credit score.
- Your new mortgage payment should be approximately 30% of your gross (before taxes) income.
FHA mortgage loans are issued by federally qualified lenders certified by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.
FHA loans are an attractive option, especially for first-time homeowners:
- Generally easier to qualify for than conventional loans.
- Lower down payment requirements.
- Cannot exceed statutory loan limits.
- Only 3.5% Down
This material is not from HUD or FHA and has not been approved by HUD or a government