FHA Loan Qualifying Summary
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FHA loans are the easiest type of real estate mortgage loan to qualify for. The FHA loan requirement guidelines for loan qualification are the most flexible of all mortgage loans that require less than 5% down payment.

Basic FHA loan requirements.

• 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 loan requirements  for qualifying for a FHA loan.  If   you have answered yes to most of these statements, you probably qualify for a FHA mortgage loan.

Following are some hyperlinks to some more detailed descriptions of FHA guidelines for qualifying for a FHA loan. Please click on the item that you require additional information on FHA requirements.

Detailed FHA requirements.

• Documents Needed - List of documents needed.

• Income -  Income qualification guidelines for FHA loans.

• Credit - FHA guidelines for Credit qualification.

• Savings- Savings requirements and guidelines for FHA loans.

• Ratio's - Income to Debt ratio's guidelines for FHA loans.

• FHA Loan Closing Costs - FHA closing costs guidelines.

• Loan Processing - Explanation of what "loan processing".

• Submission - Explanation of what "Submitting a FHA Loan is".

• Underwriting - Explanation of what "Loan Underwriting".

• FHA Loan Approval - Types of FHA Loan approvals.

• Loan Documents - Explanation of "Loan Documents".

• Funding your FHA Loan - Explanation of "Loan Funding".

• Recording - Explanation of "Loan Recording".

• Closing your Escrow - Explanation of the "Closing" of your transaction.

• Property Appraisal - FHA Property Appraisal requirements and guidelines.

• Possible Delays - List and explanations of possible loan delays
  
  FHA Loan:

FHA mortgage loans are issued by federally qualified lenders and insured 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.

Learn more about FHA loans. (Department of Housing and Urban Development)

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