FHA Qualifications

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 MORTGAGE & INVESTMENTS (NMLS #4474), as you can see FHA loans can be to qualify for. To learn more contact us or apply online to get the process started.

BLUE RIBBON MORTGAGE & INVESTMENTS

NMLS#175203 

2025 Jackson Boulevard
Rapid City, South Dakota 57702
605-343-8087
FAX: 605-343-6018
christina@blueribbonmortgage.com
Branch Manager: Christina M. Riemenschneider NMLS# 175203