How do I know if I am eligible for a FHA loan?

Answer 1

If you meet the following requirements: a) Two years in a job, preferably in the same job; b) last two years income should be the same or more; c) Your credit report should typically have less than two thirty day lates in last two years with a minimum credit score of 620 or higher or in some cases no credit score at all; d) Credit report of bankruptcy must be at least two years old, with perfect credit since discharge; e) foreclosure's credit report must be at least three years old, with perfect credit since; and f) your new mortgage payment should be approximately 30% of your gross income