Who qualify for FHA home loans?

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FHA Loan Qualifying Summary

FHA loans are the easiest type of real estate mortgage loan to qualify for. The FHA loan requirement guidelines for loan qualification are the most flexible of all mortgage loans that require less than 5% down payment.

Basic FHA loan requirements.

  • Two Years of steady employment, preferably with same employer.
  • Last two years Income should be the same or increasing.
  • Credit report should typically have less than two thirty day lates in last two years with a minimum credit score of 620 or higher or in some cases no credit score at all.
  • Bankruptcy's must be at least two years old, with perfect credit since discharge.
  • Foreclosure's must be at least three years old, with perfect credit since.
  • Your new mortgage payment should be approximately 30% of your gross (before taxes) income.

These are some of the most basic of FHA loan requirements for qualifying for a FHA loan. If you have answered yes to most of these statements, you probably qualify for a FHA mortgage loan.

Get prequalified for a FHA loan > Here - or- Apply now for a FHA loan > Here.

Following are some hyperlinks to some more detailed descriptions of FHA guidelines for qualifying for a FHA loan. Please click on the item that you require additional information on FHA requirements.

The University of North Carolina Press Dispossession: Discrimination against African American Farmers in the Age of Civil Rights
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Reverse Mortgage question

2006-01-05 10:11:37 by parentsrus

Has anyone had their parents help them purchase a home by taking a reverse mortgage on their home and loaning their kids the money for a downpayment? I believe we have the option of our parents taking an equity line and paying it back (we must pay back along with our regular mortgage -- what's the point then when we can do the same with a 80/20 loan?) or use the reverse mortgage to pull out the equity in their home, which is paid back when the home is sold (or at death).
There seem to be 3 types of reverse mortgages (FHA, Fannie Mae & Freedom Financial) but I can't find any good easy-to-undrestand info on how they compare and which may be right for us (the Freedom loan is about $15K to set up!)

New FHA Rules Will Crash the Housing Market

2010-09-15 16:06:31 by OnYourSibe

FHA Rules Effective October 4th, 2010 will crash housing market
I have been searching everyday waiting for an article on the October 4th changes to FHA mortgages which will collapse the housing market and I have yet to see one.
Here is what is happening…
FHA now makes up over half of the home purchase mortgages in the entire country right now.
The new rules effective for all new FHA loans (including Reverse Mortgages) October 4th, 2010 increase the annual MIP from .5% to 1.25%.
Here is how it breaks down:
Old Rules:
$200,000 FHA loan @ 4

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SENIOR SIGNALS: Pros and cons of reverse mortgages  — Bristol Press
30, 2013, the Federal Housing Administration placed strict limits on loan sizes and raised mortgage insurance premiums designed to encourage slow, steady home equity withdrawals. So don't automatically rule out reverse mortgage. It may fit your needs.

Predictions: Can You Wait For Lower Mortgage Rates In 2014?  — The Mortgage Reports
The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Waterstone Mortgage Corporation. The views and opinions ..

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