FHA Qualifications

Qualifying for a home mortgage loan can be difficult, near impossible without a sizable down payment and a moderate credit report. If this describes you and you financial position, 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 approximately  30% of your gross income.
  • You must pay a minimum of a 3% down-payment
  • 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 Point Mortgage Corporation, as you can see FHA loans can be to qualify for. To learn more contact us or apply online to get the process started.

 

These materials are not from HUD or FHA and were not approved by HUD or a government agency. The Sender is not in any way affiliated with any organization listed or referenced within this website, including HUD/FHA. The inclusion of various education, information, web links, or materials are not an endorsement of the Sender or any of its employees or business partners. For information directly from HUD/FHA, visit http://www.hud.gov/hudclips

Customers with questions regarding our loan officers and their licensing may visit the Nationwide Mortgage Licensing System & Directory http://www.nmlsconsumeraccess.org/ for more information.

 

Point Mortgage Corp | 9360 SW 72 Street, Suite 260, Miami, FL 33173| NMLS Id: 231073 | http://www.nmlsconsumeraccess.org/