Basics
– To get qualified for an FHA mortgage home loan,
you’ve got to have a valid social security number,
be a legal resident of the United States, and be of legal
age to sign on a mortgage (this age varies from state to
state).
Employment
– Ideally, you’ll be able to show FHA that you’ve
maintained steady employment for the last three years. This
would mostly be to prove that you are capable of making
regular mortgage payments without difficulty. However, there
are no fixed employment requirements for an FHA mortgage
loan
Income
– As with the above category, there are no minimum
income requirements for an FHA loan. Rather, you must simply
show that you have had continual income for the past three
years.
Can
you verify your income?
Full-time
wages from your employer, part-time pay, overtime pay, bonuses,
seasonal pay, pension, child support paid to you, alimony
paid to you, even rent paid by family members to you. Government-based
sources of income can also be included, such as social security
payments, unemployment compensation, military pay, and VA
benefits.
You
do not need perfect credit to qualify for an FHA loan as
long as there is a good reason for any past credit problems.
There
are two real credit requirements for an FHA mortgage loan:
in the past two years, you should have no bankruptcies,
and in the past three years, you should have no foreclosures
(or deed-in-lieu of foreclosures).
Interested
In Speaking With A Qualified FHA
Lender?
At
FHA-Lending.Org, you'll have access to the small group of
qualified FHA Lenders available in the United States.
