What credit cards do i prequalify for
Getting Started Before You Find a Home
FHA home loans were designed to help Americans fulfill their dream of homeownership and are therefore the easiest type of real estate mortgage loan to for which you can qualify. Among the home loan options available that require a minimal down payment, FHA loans are the most popular. In fact, the FHA loan is the most flexible type of home mortgage loan available.
- Steady employment history, at least two years with the same employer.
- Consistent or increasing income over the past two years.
- Credit report should be in good standing with less than two thirty day late payments in the past two years.
- Any bankruptcy on record must be at least two years old with good credit for the two consecutive years.
- Any foreclosure must be at least three years old with good credit for the past three years.
- Mortgage payment qualified for must be approximately 30 percent of your total monthly gross income.
- If you can answer YES to these statements you should have no problem qualifying for an FHA home mortgage loan.
While prequalifying for a loan doesn't necessarily guarantee that you will be able to purchase the home of your dreams, it does help you and potential lenders know your borrowing power and what you can afford in terms of a monthly mortgage payment. Prequalifying for a loan simply means
that you have taken an inventory of your income and assets and submitted them to your potential lender. Based on that information you should be able to qualify for a home mortgage loan.
FHA Loan Articles
One common question asked by some potential FHA loan applicants has a lot to do with who will sign or co-sign the loan documents. FHA loan rules permit non-occupying co-borrowers and co-signers, but depending on the nature of the transaction the loan amount could be affected.
Borrowers applying for FHA home loans do so to get new purchase home loans, refinance loans, and Home Equity Conversion Mortgage loans. Did you know you can apply for new purchase or refinance FHA loans that come with adjustable interest rates?
Myths abound concerning FHA home loans and refinance loans. Newcomers and those who have never applied for an FHA home loan before sometimes misunderstand the process or key parts of this important loan program.
The FHA and HUD have issued important updates to Equal Access guidelines. Those guidelines were created to prevent discrimination in the FHA lending process and clarify policies for lenders and borrowers alike.
In dealing with a borrower with an expired tax lien, an FHA lender is required to do a computer check of public records to see if the borrower owes any money on federal debt. If debt or delinquency exists, elibility for an FHA loan may not be available.Source: www.fha.com