Fha requirements to qualify

  • Question : Do you have to be married to get a FHA loan? Answer : No. You have several options. Just one of you can get the loan, or one of you can co-sign with the other one, or you can wait until you are married. The important thing to consider is if you can qualify for the loan yourself, and know that the credit of everyone who is on the loan will be taken into consideration.
  • Question : If I have just started a new job and get paid in cash, what information can I give my loan officer as income verification? Answer : The best thing is some sort of income verification letter from your employer. You will want the letter to include how much you make, how often you are paid, and how long you have been working at that job earning that amount of money.
  • Question : If I live in a mobile home am I still eligible for the first time home buyers loan? Answer : If you are currently living in a mobile home and are going to purchase a standard home, yes you can still be eligible.
  • Question : Is a gift from a friend acceptable for the down payment? Answer : Sure. They don't necessarily have to pay the money directly to the bank, but could pay it to you and you can use it for the down payment on the home.
  • Question : Is there a minimum amount I need to borrow to make home improvements under the 203(k) program? Answer : Yes. The FHA requires you to borrow at least $5,000 for repairs to the home in order to use the 203(k) program.
  • Question : We were buying a house with FHA. Everything was all good to go right up to closing. Now they are saying we can't close because we have a FHA loan on the house we're in now. Is this true? Answer : If you already have an FHA loan on another property, then yes this is true. You may only have one FHA loan at a time.
  • Question : What does your credit score have to be to get a home? Answer : There is no set minimum credit score to qualify for any loan. Many factors, especially debt to income ratio, are considered when you apply for a loan.
  • Question : With the new proposals by the Bush Administration, what will the new requirements be to qualify? Answer : The legislation is still in the works, so that is unclear. The main thing they are trying to change is to remove the 3% down payment requirement.
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