Before Applying for an FHA Loan, it’s always good to look at FHA Loan Requirements. By doing so you actually get two way benefits:
You save your time by not looking for unnecessary documents and stuff.
You get a streamlined way for quick approval.
FHA Loan Requirements are actually not hard to meet as people with poor credit history can also obtain the FHA insured loans. One thing you must know that FHA is not a loan provider but it provides the insurance on private mortgages. Most of the FHA loan programs are meant for the first time home buyers, but if you’re the borrower with adjustable rate mortgage and want to have facing for the risk of foreclosure you can also avail FHA Secure Program. The basic FHA loan requirements that must be met by every borrower are:
- Valid citizen of US
- Borrower must have Social Security Number (SSN)
- Must have attained a legal age to sign mortgage documents (state specific)
Along with these, you must also look carefully at following FHA Loan Requirements:
- Steady employment for two years
- Any bankruptcy must be two years old
- The foreclosure must be three years ago
- The mortgage payment should be 30% of the gross monthly income
- The minimum credit score should be 580
This quick read of two minutes can save your two months. Also look at FHA Loan Qualifications
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The financial crisis has practically swept the entire world, affecting both large and small economies. The American economy has not been spared from the battering, and it has inevitably shown in the rising unemployment rate, and as a consequence, the number of people getting further buried in debt and losing their houses to foreclosure increases.
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