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?
- Anonymous1 decade agoFavorite 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 paymentSource(s): I'm a mortgage banker/broker
- knowitallLv 71 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???
- How do you think about the answers? You can sign in to vote the answer.
- dudeLv 71 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.