How to Qualify for an FHA Loan?


How to qualify for an FHA loan F H A backed loans are generally easier to obtain and have lower down payment requirements because F H A is a federal agency Qualifying for an F H A loan in California is the same as any other state. The first thing You should check is your credit report. Look particularly at any accounts that have late payments. If you have accounts with (2) 30 day late payments in the past year You’ll need to work at cleaning up your credit to qualify for an F H A loan If you had a bankruptcy the discharge date must be at least 24 months before applying After a bankruptcy pay all your bills on time Number 2. Show the lender that you have had steady employment with the same employer or position in the last two years and that your income has been stable or increased number three. Have at least three and a half percent of the purchase price for the down payment and number four. F H A wants to see that your new mortgage payment and your other monthly bills on your credit report are not more than forty five percent Of your gross income before taxes and deductions if you’re unsure use the calculator at first NWM dot com

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