FHA Qualifications

Qualifying for a home mortgage loan can be difficult, near impossible without a sizable down payment and a moderate credit report. If this describes you and you financial position, an FHA loan may be for you! There are fewer restrictions for FHA loan qualification in comparison to a standard mortgage loan. Qualifications for an FHA loan are:

  • Proven employment status of at least 2 years.
  • Steady or increasing income over a 2 year period.
  • History of on-time payment. No more than two missed payments on your credit.
  • If you've filed for bankruptcy you must wait at least 2 years and have good credit since you filed.
  • Those with foreclosures must wait at least 3 years since the most recent foreclosure.
  • Monthly mortgage payment should be roughly 30% of your gross income.
  • You must pay a minimum of a 3.5% down-payment.
  • Agree to 2.25% in closing costs
  • Only certain properties are eligible - single-family homes, condominiums, double-wide manufactured homes, modular homes and 2-4 unit properties.
  • The property must be your primary residence.

These are the basic qualifications for an FHA loan through Mortgage Network Solutions, as you can see FHA loans can be to qualify for. To learn more contact us or apply online to get the process started.

Please Note: These materials are not from HUD or FHA and were not approved by HUD or a government agency.

Mortgage Network Solutions

2036 Foulk Rd, Suite 102
Wilmington, Delaware 19810
Phone: 302-252-0100
Fax: 302-375-6330

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Mortgage Network Solutions NMLS# 58096 (http://www.nmlsconsumeraccess.org/)

 

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Licensed States: DC #MLB58096, DE #7552, FL #MLD432, GA #22859, LA #2407, MD #11919, NJ #9958028, NC #L-153858, VA #MC-3401


Licensed by the PA Dept. of Banking #20838, Licensed by the N.J. Department of Banking and Insurance #9958028.

Reverse Mortgage Disclosures: Mortgage Network Solutions, LLC will not make any mortgage loan commitments or fund any mortgage loans under the advertised program. Borrower is required to make payments for real estate taxes and property insurance.