Qualifying for a home mortgage loan can be difficult, and it may seem near impossible without a sizable down payment and a decent credit report. If you are having trouble getting the cash togehter for a down payment or you have less-than-perfect credit, 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 3.5% down.
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 W.J. Bradley. As you can see, FHA loans can be easier than other loans to qualify for. To learn more contact us, or apply online to get the process started.
