Who can qualify for a FHA home loan?

Do you have to have a low income or can anyone qualify? i'm interested in purchasing a hud home and someone suggested an FHA loan. Any info on FHA?

5 Answers

  • Anonymous
    1 decade ago
    Favorite Answer

    No you don't have to have low income for an FHA loan but you do need the following.

    1) 620+ mid score

    2) Stable work history

    3) Enough income to support the payment ( FHA will go as high as a 55% back end debt to income ratio)

    4) 3.5% for the down payment

    Source(s): I'm a mortgage banker/broker
  • 1 decade ago

    Low income people cannot get home loans. You need a steady job for longer than 6 months, at least 3% for the down payment and another $1000 or so for the prepaids and closing costs, and a credit score of at least 720 for a good interest rate.

  • 1 decade ago

    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 30-day lates in last two years with a minimum credit score of 580 or higher or no credit score at all.

    * Bankruptcy's must be at least two years old, with perfect credit since discharge.

    * Foreclosure's 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.

  • 4 years ago

    Im kinda lost, Why was the home loan discharged if you were current and up to date and more importantly included in the BK I understand the listing of all creditors but to include it in the BK and even more confusing how does your loan show a zero balance,your still paying on it but no longer tied to it???

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  • dude
    Lv 7
    1 decade ago

    You might be OK as a first time buyer, but they are only accepting applications from people who have pretty good credit scores in my neck of the woods.

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