How do I pre-qualify for an FHA loan?

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Many factors will be taken into consideration during the pre-qualification process. You must be able to show that you are employable and demonstrate job stability. Reliability is a important, and is demonstrated by your ability to hold a steady job for at least two years with the same company or employer. Your income should at a minimum stay consistent, though increasing income always looks better.

If a foreclosure or bankruptcy appears on your records, it will have to be at least three years old. It's important to remember that a FHA loan is insured by the Federal Housing Administration and protects lenders from financial risk. Those lenders have to meet certain criteria and follow specific rules for their loans to be termed FHA-approved. Borrowers must also meet certain requirements to qualify for a government-backed mortgage.

The bottom line when applying for an FHA loan is to demonstrate that you have been a good risk for the past two years. You'll have a much better chance at pre-qualifying if you can do that.

Source: fha

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