FHA Qualifications

Qualifying for a home mortgage loan can be difficult, near impossible without a sizable down payment and a moderate credit report. If this describes you and you financial position, an FHA loan may be for you! There are fewer restrictions for FHA loan qualification in comparison to a standard mortgage loan. Qualifications for an FHA loan are:

  • Proven employment status of at least 2 years.
  • Steady or increasing income over a 2 year period.
  • History of on-time payment. No more than two missed payments on your credit.
  • If you've filed for bankruptcy you must wait at least 2 years and have good credit since you filed.
  • Those with foreclosures must wait at least 3 years since the most recent foreclosure.
  • Monthly mortgage payment should be roughly 30% of your gross income.
  • You must pay a minimum of a 3% down-payment.
  • Agree to 2.25% in closing costs
  • Only certain properties are eligible - single-family homes, condominiums, double-wide manufactured homes, modular homes and 2-4 unit properties.
  • The property must be your primary residence.

These are the basic qualifications for an FHA loan through Holmgren and Associates, as you can see FHA loans can be to qualify for. To learn more contact us or apply online to get the process started.

FHA Loans

Holmgren and Associates

DBA of Finance of America
1900 Mountain Boulevard
Oakland, California 94611
Phone: 510-339-2121
NMLS 0910184/1071
 

Holmgren & Associates is a branch of Finance of America. We are a full service mortgage banker with an experienced staff offering expertise in residential mortgage lending, with primary focus on loans for home purchase, refinance, and reverse mortgages.

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