Real Estate - FHA Loan Minimum Requirements?
FHA stands for Federal Housing Administration that can provide mortgage insurance on loans made by FHA-approved lenders. You need to meet the following requirements to qualify for FHA type loans. The good thing about FHA loan is you have the option to put 3.5% down payment.
- 2 Years of employments with the same employer.
- Steady income for the last two years.
- Minimum FICO credit score of 620 or higher
- Previous Forclosures, if any, should be minimum 3 years old and Bankrupticies, if any, should be 2 years old.
- The monthly payment would be 30% of your gross income.