FHA Loan Qualifying Summary

FHA loans are the easiest type of real estate mortgage loan to qualify for. The FHA guidelines for loan qualification are the most flexible of all mortgage loans that require less than 5% down payment.
The following is the basic FHA loan qualification guidelines.

·    Two Years of steady employment, preferably with same employer.

·    Last two years Income should be the same or increasing.

·    Credit report should typically have less than two thirty day lates in last two years with a minimum credit score of 620 or higher or in some cases no credit score at all.

·    Bankruptcies must be at least two years old, with perfect credit since discharge.

·    Foreclosures must be at least three years old, with perfect credit since.

·    Your new mortgage payment should be approximately 30% of your gross (before taxes) income.

These are some of the most basic of FHA guidelines for qualifying for a FHA loan.  If you have answered yes to most of these statements, you probably qualify for a FHA mortgage loan.

AS OF DECEMBER 2, 2009 THERE IS ONLY 149 DAYS LEFT TILL DEAD LINE OF FIRST TIME HOME BUYERS TAX CREDIT ($8,000 NEW PURCHASE OR $6,500 FOR LONG TIME HOME OWNERS MOVE ) April 30, 2010

To find out more about Flat rate loans Call 1-800-749-8455 
Ext: 3333 to speak with a loan strategist on duty.