What are the qualifications for a FHA loan?

Answer 1

Generally

1. No credit lates in the last 12months

2. 3% down...or seller paid DPA

3. No BK 13 in the last 12months, No BK 7 in the last 24months, and no foreclosure in the last 36months

4. All judgments have to be paid, and you may have to pay the collections also. Medical Collections do not apply.

Answer:

You may be eligible for an FHA home loan if you meet the following basic criteria:

a) Looking for a primary residence,

b) have a social security number,

c) You are a legal resident of US,

d) You are of legal age to sign a mortgage contract.

You must also meet specific underwriting standards for the FHA mortgage program you're applying to.