Guidelines and Requirements for an FHA Mortgage LoanMany aspiring homeowners have seen their dreams crumble after speaking to conventional mortgage lenders. With typical loan qualifications, including lofty incomes and above-average credit scores, the majority of buyers is now left to fall through the cracks created by a faltering economy and job markets still struggling to recover from past setbacks. If you’ve been affected by any of these factors, you may want to consider applying for an FHA loan. This alternative to the more stringent mortgage loan is designed for lower-income households and families afflicted by sub-par credit scores. While such loans do hold their own sets of prerequisites, FHA loan qualifications can be much easier to meet than those of other lenders.
- Acceptable Credit Profile
- Minimum of 3.5% Down Payment
- Ability to Repay the Mortgage Loan as Set Forth by HUD Guidelines