FHA Qualification

Hello Hampton Roads:

"What do I need for FHA qualification?"
This is the question many buyers are asking in today's real estate market.

FHA loans are a popular choice among first time home buyers as well as seasoned home buyers. As long as a person qualifies, anyone may use an FHA loan as long as he or she does not have more than 1 FHA insured loan
at a time.

Basic FHA qualification guidelines are as follows:

• Consistent, steady employment for 2 yrs preferably with same employer.
• Last 2 years Income should be steady or increasing.
• Credit report should typically have less than two "30 day lates" in last 2 years.
• Bankruptcy's must be at least 2 yrs old, with good credit since.
• Foreclosure's must be at least 3 yrs old, with good credit since.
• Your new mortgage payment should be approximately 30% of your gross income.

FHA is a popular choice among consumers because it offers the following:

Lower Downpayment and Closing Costs

• 3.5% down payment (which can be gifted to the buyer)
• 100% Financing option are available
• Seller can contribute up to 6% to buyer's closing costs

Easier Credit Qualification Guidelines

• No minimum FICO score or credit score requirements
• Higher debt ratios than other loan programs allowed
• Seasoning for bankruptcy 2 yrs
• Seasoning for foreclosure 3 yrs

If you are interested in finding out more about what FHA loan financing or purchasing a home in the Hampton Roads area, please feel free to contact me.


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