FHA Home Loan Requirements

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).

Homes are available for you to purchase once your home loan is approved! An FHA Lender makes an approval easy for just about everybody!

YES, these are Grants!