Monday, June 04, 2007

The Six Essentials of Qualifying for FHA Loans

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While FHA is a very helpful program designed to help Americans achieve homeownership, there are a few helpful things to know about what it takes to qualify for this type of financing. The six main points of pre-qualifying for this type of mortgage program--as described by, as a rule of thumb:

1. Steady employment history, at least two years with the same employer.

2. Consistent or increasing income over the past two years.

3. Credit report should be in good standing with less than two thirty day late payments in the past two years.

4. Any bankruptcy on record must be at least two years old with good credit for the two consecutive years.

5. Any foreclosure must be at least three years old with good credit for the past three years.

6. Mortgage payment qualified for must be approximately 30 percent of your total monthly gross income.

For more information about FHA mortgages, and other helpful homebuying tips, please visit the official web site of the U.S. Department of Housing and Urban Development (HUD). FHA can help buyers whether they are first time homebuyers, or they are buyers who would like to buy and renovate a fixer. FHA also has a reverse mortgage program for seniors, as well as, programs for buyers of manufactured homes. Information about these different programs can be found by visiting HUD's loan program page.

Basic eligibility requirements for an FHA mortgage can be found through their knowledge base.

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