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FHA Loan Qualifications

 

It is often easier to qualify for FHA loans because lenders are more willing to work with borrowers when the government is there to guarantee the loan. The program has traditionally been very attractive to first-time homebuyers or people who have less-than-perfect credit because it is easier to qualify for it than it is for a conventional loan. There are, however, some qualifications that must be met, including:

  • Having a positive credit history over the past two years
  • A steady employment record
  • Consistent or increasing income
  • Payments must be kept at around 30% of the gross income or less
  • Having no bankruptcies over the last two years

While the FHA does not have any specific minimum credit requirements, they are not the ones who actually issue the loan. This means that each lender may have their own qualifications that must be met.

At LoanProConnect we can help you through the FHA loan process. Contact us today to learn more about the loan qualifications and we can help you get the best loan for your situation.