Qualifying for a home mortgage loan can be difficult, near impossible without a sizable down payment and a moderate credit report. If this describes you and you financial position, an FHA loan may be for you! There are fewer restrictions for FHA loan qualification in comparison to a standard mortgage loan. Qualifications for an FHA loan are:
- Proven employment status of at least 2 years.
- Steady income over a 2 year period.
- History of on-time payments.
- If you've filed for bankruptcy you must wait at least 2 years from the discharge date and have good credit since.
- Those with foreclosures must wait at least 3 years since the most recent foreclosure.
- You must pay a minimum of a 3.5% down-payment (Can be gift funds).
- Eligible properties to finance - Single-family homes, condominiums, double-wide manufactured homes, modular homes and 2-4 unit properties.
- The property must be your primary residence.
These are the basic qualifications for an FHA loan through Ideal Mortgage Group, as you can see FHA loans can be to qualify for. To learn more contact us or apply online to get the process started.
These materials are not from HUD or FHA and were not approved by HUD or a government agency.