The FHA mortgage was created to help increase homeownership. The FHA loan makes buying a Florida home easier and less expensive than other types of Florida real estate loan programs. Below we have outlined some basic FHA qualifying criteria

Other FHA loan Advantages Include:

Minimal Down Payment and Closing Costs.

• Down payment less than 3.5% of Sales Price
• Gift for down payment and closing costs allowed.
• No reserves or required.
• FHA regulated closing costs.
• Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines such as:

• Minimum FICO credit score of 540.
• FHA will allow a home purchase 2 years after a Bankruptcy.
• FHA will allow a home purchase 3 years after a Foreclosure.

Easier Debt Ratio & Job Requirement Guidelines such as:

• Higher Debt Ratio’s than other home loan programs.
• Less than two years on the job is allowed.
• Self-Employed individuals o.k.

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FHA Mortgage Loan Qualifying Summary

fha mortgage loans are the easiest type of Florida real estate mortgage loan to qualify for. The FHA guidelines for loan qualification are the most flexible of all home loans that require only 3.5% down payment.

Following is the basic FHA loan qualification guidelines.

• Stable, predicable income with at two Years of steady employment history.

• Applicants Average Last two years Income should be the same or increasing.

• Credit report should show minimal collections over the past 12months and have at least a 530 FICO

• Bankruptcy’s must be at least 2 years old, with perfect credit since discharge.

• Foreclosure’s must be at least 3 years old, with perfect credit since.

• Your new FHA mortgage payment should be approximately 35% of your gross (before taxes) income.

These are some basic of FHA guidelines for qualifying for a FHA mortgage. If you answered “YES” to most of these statements, you probably qualify for a FHA mortgage loan.

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