Top 3 FHA Loan Requirements
FHA Loan Requirements. FHA mortgages provide immense opportunities for home ownership and financial freedom, though certain criteria must be met prior to applying. You not only need a valid Social Security Number but also you should have attained legal age in the state where you are living. Additionally, your credit score should fall between 500-580 on the 300-850 scale unless there has been bankruptcy within two years of application – then it’s essential that an appropriate reestablished rating is possessed when submitting paperwork.
To qualify for an FHA loan, you’ll need to prove your employment stability: Your current employer must be the same one from at least two years ago. Additionally, all other monthly debt payments should not exceed 50% of total income for approval consideration.
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