Melisa Christensen

Money Tree Spokane

Prequalify for an FHA Loan

Money Tree Spokane

No Comments


Share this post

Prequalify for an FHA Loan

Starting out Before a home is found by you

More FHA Loan Ideas:

FHA mortgage loans had been built to help Americans fulfill their dream of homeownership and consequently are and so the easiest type of real-estate home loan to that you can qualify. One of the true mortgage loan choices available that require a minor advance payment, FHA loans will be the most widely used. In reality, the FHA loan is considered the most flexible form of house home loan available.

THE REQUIREMENTS

  • Steady employment history, at the very least 2 yrs because of the exact same boss.
  • Consistent or income that is increasing the last couple of years.
  • Credit history must certanly be in good standing with lower than two thirty time belated repayments in days gone by couple of years.
  • Any bankruptcy on record must certanly be at the least couple of years old with good credit for the two consecutive years.
  • Any foreclosure must certanly be at the least 36 months old with good credit for the previous 36 months.
  • Mortgage repayment qualified for must certanly be more or less 30 % of one’s total month-to-month income that is gross.
  • Whenever you can answer YES to these statements you need to have not a problem qualifying for the FHA home loan loan.

While prequalifying for the loan doesn’t invariably guarantee it does help you and potential lenders know your borrowing power and what you can afford in terms of a monthly mortgage payment that you will be able to purchase the home of your dreams.

Read more