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FHA Loan Qualifications

The FHA loan requirement guidelines for loan qualification are some of the most flexible of all mortgage loans. It is relatively easy to qualify for a FHA loan and requires only a 3.5% down payment.

Basic FHA loan requirements:

  • Two years of steady employment, preferably with same employer or in the same line of work.
  • Last two years income should be the same or increasing.
  • Credit report history should be relatively clean with few late payments or collections accounts. A minimum usable credit score of 640 is generally required.
  • Bankruptcy cases require special consideration. Generally speaking, a Chapter 7 bankruptcy requires two years before eligibility is possible and a Chapter 13 bankruptcy requires at least one year before eligibility is possible. The individual circumstances related to a bankruptcy require a detailed review to determine overall eligibility.
  • Eligibility is generally not available for applicants with a foreclosure in the previous 3 years.
  • Your new mortgage payment should be no more than approximately 30% of your gross income.
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Expert Spotlight
Jason Gillen

Click here to read the bio of Jason Gillen, Assistant Vice President, Delta Trust Mortgage, Inc.

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