Qualifying for a home mortgage loan can be difficult, near impossible without a sizable down payment and a moderate credit report. If this describes you and you financial position, an FHA loan may be for you! There are fewer restrictions for FHA loan qualification in comparison to a standard mortgage loan. Qualifications for an FHA loan are:
Proven employment status of at least 2 years.
Steady or increasing income over a 2 year period.
History of on-time payment. No more than two missed payments on your credit.
If you've filed for bankruptcy you must wait at least 2 years and have good credit since you filed.
Those with foreclosures must wait at least 3 years since the most recent foreclosure.
Monthly mortgage payment should be roughly 30% of your gross income.
You must pay a minimum of a 3% down-payment.
Agree to 2.25% in closing costs
Only certain properties are eligible - single-family homes, condominiums, double-wide manufactured homes, modular homes and 2-4 unit properties.
The property must be your primary residence.
These are the basic qualifications for an FHA loan through BLUE RIBBON a division of Mortgage & Investment Consultants, INC., as you can see FHA loans can be to qualify for. To learn more contact us or apply online to get the process started.
