Thursday, December 01, 2005

How to Prequalify for an FHA Loan

Many readers of this blog who are first time home buyers have been asking what are the requirements to pre-qualify for a home mortgage loan. According to the web site the essentials to prequalify for a FHA loan (home mortgage) are as follows:

1. Steady employment history, at least two years with the same employer.

2. Consistent or increasing income over the past two years.

3. Credit report should be in good standing with less then two 30 day late payments in the past 2 years

4. Any bankruptcy on record must be at least two years old and good credit for at least 2 years.

5. Any foreclosures must be at least three years old with good credit for the past three years.

6. Mortgage payment to qualify must be no more then 30% of your monthly gross income.

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