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Qualifying for an FHA Loan

Since the Federal Housing Authority introduced the program in 1934, there have been millions of people who have used the FHA loans. Many homebuyers in Florida like to utilize florida fha loans due to the fact that down payment requirements are much more affordable for those who otherwise would not be able to get a conventional loan. In addition, you should know that qualifying for an FHA loan is so much easier than a conventional loan. Following are some tips:

1)    You must make sure that you have continuous employment for at least 2 years. If possible, with the same employer.

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2)    You must maintain at least the same income for a period of at least 2 years. Of course, if your income has increased, this is better than a decrease.

3)    You must make sure that you stay up to date on payments to your creditors. If you show that you have had multiple late payments with one or more of your creditors, you may limit your eligibility to get an FHA loan.

4)    You must not have a bankruptcy on your record for the last 2 years before you apply for the FHA loan. If you have a bankruptcy older than 2 years, it will not keep you from being approved, as long as your credit has not been negative after the bankruptcy was discharged.

5)    You must not have lost property through foreclosure for at least 3 years before you apply. If you do have a foreclosure in your history, your credit since then should be positive.

6)    You must choose a home that has payments equal to or less than 30 percent of the gross household income.

When you live in the great state of Florida and you want to apply for florida fha loans, you must understand exactly what you need to do in order to qualify for one and you shouldn’t have a problem with being approved.