Qualifying For an FHA Loan: What You Need to Know
Last updated 16 days ago
An FHA home loan in Denver can make home ownership possible to many residents who were not qualified before. More lenient credit requirements mean that even if your credit score is not as high as you hope for, you may still be able to qualify for a loan.
How do you qualify for this type of mortgage loan?
Getting the Loan
To qualify for an FHA loan, you must:
- Show proof of continued employment for at least the past 2 years, ideally at the same place, and with either a consistent income or an increasing one.
- Have no, few late, or current delinquent accounts on your credit score.
- If you have previously experienced a foreclosure, it must be 2 or more years old with no credit blemishes since that time.
These are the main points of contingency for qualifying for an FHA loan. Typically, you will only be permitted to borrow an amount that provides a monthly payment that is at or below 30 percent of your monthly income.
To help you determine what that amount would be, use a loan calculator. Denver residents may be surprised to discover how much purchasing power they really have when they choose an FHA home loan. FHA loans usually only require a very small down payment, which allows those who do not have much in savings to still qualify for home ownership.
If you are interested in learning more about FHA loans, then give us a call at American Home Funding. Alternatively, you can chat live with one of our representatives who can put you in touch with the department you need. Find out how to pre-qualify and what steps you should take to improve your credit if it isn’t quite where it needs to be. Contact us today!
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Saturday, March 5, 2011
Qualifying For an FHA Loan: What You Need to Know - American Home Funding
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