Posted on: 05th May, 2009 12:53 pm
What are the requirements for an FHA Loan?
Hi Joe, Requirements for an FHA loan are as followed. You need a min fico score of 620. 2 Years of work history. 2 months of most recent bank statements. Min 3.5% Down Payment. A little information about your credit and income and i would be happy to help you out joe.
iin addition to that soem mroe details
to qualify for an fha insured loan, applicants must meet specific employment, credit and income criteria, including the following conditions:
steady employment history, at least two years history of employment
consistent or increasing income over the past two years
any chapter 7 bankruptcy on record must be at least two years old with good credit for the two consecutive following years.
any chapter 13 bankruptcy on record must be in good standing for one (1) year with trustee permission to enter into new debt
any foreclosure must be at least three years old
fha mortgage payment of no more than approximately 31% and total debt to income of approximately 43% of applicant's total monthly gross income
to qualify for an fha insured loan, applicants must meet specific employment, credit and income criteria, including the following conditions:
steady employment history, at least two years history of employment
consistent or increasing income over the past two years
any chapter 7 bankruptcy on record must be at least two years old with good credit for the two consecutive following years.
any chapter 13 bankruptcy on record must be in good standing for one (1) year with trustee permission to enter into new debt
any foreclosure must be at least three years old
fha mortgage payment of no more than approximately 31% and total debt to income of approximately 43% of applicant's total monthly gross income