FHA Home Loan Requirements [mortgageapproved.blogspot.com]
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One of the best home loans you can get is the FHA home loan. However the FHA home loan requirements are quite specific about who can apply for this loan.
If you are looking around for a mortgage, you may be wondering which type to get. There are various lenders out there and various types of loans you can seek to qualify for. One of the popular loans is the FHA loan, which was a loan created by the government to help people who cannot afford traditional mortgages become home owners.
So what are the FHA home loan requirements? The requirements state that all potential borrowers must have had employment for at least 3 years before loan application. The potential homeowner must have no more than 2 late payments on his or her credit report. And they must be of a certain age.
Now, since the loan only allows for late payments of no more than two times in a two year period, you can apply for FHA loan with bad credit, unfortunately.
This may put this loan of reach for those with less than stellar credit, but you can work on improving your credit for a solid two years than apply for the loan.The easy requirements (not income stipulated etc) allow many people to qualify for this loan right off the bat. Traditional lenders have all sorts of hoops that you must jump through if you want to qualify. But FHA home loans, since they are backed by the government are much easier to get - as long as you meet the FHA home loan requirements.
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