How do you qualify for an FHA loan?
Before applying for an FHA loan, it is essential to understand the necessary requirements for qualification. An applicant must provide all the addresses where he or she has lived for the past two years. Amount of gross monthly salary is also a requirement. The FHA will need to know the name of a person's employers and the employers' addresses for the last two years. Applicants must submit all W2s for the past two years. Additionally, the applicant needs to provide the past two years' income tax forms.
What is the difference between FHA and conventional home loans?
An FHA loan is backed by the Federal Housing Administration and is offered through specific lenders, while a conventional home loan can be obtained by almost any lender and isn't backed by an agency,
according to SFGate. FHA loans are also offered according to specific parameters.
Who is eligible for an FHA loan?
The minimum credit score requirement for an FHA loan is 500, as of April 2015, but it varies from lender to lender, according to Investopedia. Documentation of steady income, an acceptable down payment and use of the property as a primary residence are other requirements for eligibility.
How do you apply for FHA home loans?
To apply for an FHA loan, contact a local FHA lender and complete an application. It is necessary to provide the lender with documentation concerning income and employment before the application is processed. The application process may take several weeks or longer, depending on the lender and the ability to find a home within the buyer's price range.
How can you apply for an FHA down payment grant?