What do you need to qualify for an FHA house loan?

...asked February 9th, 2012 @ 10:25 am in Loan - Home

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Minimum credit of 620 or higher (although lenders can set their own higher guidelines, so you’ll have to check with individual lenders).

Stable employment history (typically 2 years minimum)

Low debt-to-income ratio

Proof of funds for closing costs and down payment (down payment 3.5%)

Basically, the only difference between a conventional and an FHA loan are a lower down payment and typically the FHA accepts a lower credit score (compared to a conventional loan).

...answered February 9, 2012 @ 11:07 am


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