Posted on: 15th Sep, 2009 12:40 pm
what are the requirements for an fha approved loan?
Hi Gmalik, FHA loans do require a minimum fico score of 620 along with minimum 3.5% down payment, Bank Statements, 2 years work history, recent pay stubs, debt.
When purchasing a home and if your applying for a FHA Mortgage Loan you need to have the following qualifications; 600 Fico score, stable job and within the county limits. Each county has FHA limits.
Kal Patel
Voyage Home Loans
Kal Patel
Voyage Home Loans
Credit requirements differ with each lender. My requirement is 550. FHA requires 3.5% down unless under their Good Neighbor program. All FHA loans are full documentation loans which means they will require pay stubs, bank statements, W2s etc. For more information, email me @ tfaulhaber@lendamerica.com
Although multiple ppl have stated a lesser than 620 credit score requirment, please do not be fooled. The select few lenders whom will allow for a lower credit score for approval will be going through your file with a fine tooth comb. There must be a good explanation for any derogatory items on your credit and income and assets must be solid in qualifying. These loans are ALL CASE BY CASE and it is impossible to say who may get the approval.
If you are in the market to purchase a home, you may benfit more by giving yourself some time by improving your credit. You will face a higher rate of interest on the monies you borrow and a small window for approval. I hope this helps...
If you are in the market to purchase a home, you may benfit more by giving yourself some time by improving your credit. You will face a higher rate of interest on the monies you borrow and a small window for approval. I hope this helps...
Here is a list of the FHA Loan Qualifications:
You will need to have 2 years of steady employment. Not necessarily by the same employer but it is preferred.
Your income should be similar or increasing for the past 2 years.
You should have less than two 30 day periods of late payments on your credit reports.
If you have declared bankruptcy, then it must be at least 2 years old and you will have to have good credit since then.
Foreclosures will also need to be older than 3 years and have good credit since then.
Mortgage payment should be about 30% of your gross income.
County Limits also vary as well, here is a link to view your county limit:
https://entp.hud.gov/idapp/html/hicostlook.cfm
Gene
Voyage Home Loans
You will need to have 2 years of steady employment. Not necessarily by the same employer but it is preferred.
Your income should be similar or increasing for the past 2 years.
You should have less than two 30 day periods of late payments on your credit reports.
If you have declared bankruptcy, then it must be at least 2 years old and you will have to have good credit since then.
Foreclosures will also need to be older than 3 years and have good credit since then.
Mortgage payment should be about 30% of your gross income.
County Limits also vary as well, here is a link to view your county limit:
https://entp.hud.gov/idapp/html/hicostlook.cfm
Gene
Voyage Home Loans