Texas | Military Realtors | New Model Homes | Commercial Real Estate
  • El Paso Neighborhood REALTOR®
    • Whats My House Worth
    • Ask the Agent
  • Home Valuation
  • Commercial Real Estate El Paso Tx
  • USDA Loans
  • Senior Real Estate Specialist®
    • How to Sell an Estate Home
    • Senior Estate Liquidators®
    • Senior Housing in El Paso
    • Senior Resoruces PDF®
    • Senior Resoruces List®
  • Zero Down Payment Assistance Program
  • No Closing Cost VA Loans
  • El Paso Real Estate Blog
  • New Homes for Sale - Beware!
  • My Guarantee
  • Selling a Home in El Paso
    • Request a CMA
    • Appraised Value
    • Home Staging Tips
    • Why Didn't My Home Sell?
  • First Time Home Buyer in El Paso
    • Online Guide to Buying Your First Home
  • Horizon City Texas Homes for Sale
  • Pre-Qualification Process
    • Mortgage Application Process
    • El Paso Collaborative Down Payment Assistance
    • Mortgage Information
  • Zillow Real Estate, Realtor Review
  • Find Your Dream Home
    • El Paso Luxury Homes
    • Down Payment Assistance
    • Energy Star Builders in El Paso
    • Credit Score
  • Why RUSSELL REALTY GROUP
    • Charity Starts At Home
    • About Us
    • Fair Housing
  • VA Housing Loan El Paso
  • Good Neighbor Next Door
  • Neighborhood Stabilization Program
  • Relocation Resources
  • El Paso Home Inspectors List
  • Horizon City Tx Homes For Sale
  • El Paso Luxury Homes
  • Best Realtor For Military Buyers
  • Preparing To Buy A Home in El Paso Texas
  • How Much House Can I Afford
  • What Happens After a Contract is Accepted
  • Closing Cost Help
  • Home Warranty Plans
  • Home Selling Q&A
  • Buyer guide
  • Do I need to have an inspection?
    • Buyer tips
    • 11 steps away from your dream home
  • Buying an Older Home
  • Buying a HUD Home
  • Buyers Agent
  • Casas en El Paso Texas
  • For Sale by Owner Questions (FSBO)
  • Ft Bliss Homes under $150,000
  • Military Relocation
    • Military Mover Program
    • VA For Active Duty Service
  • Wills, Estates and Probate
    • Residential Auction Service El Paso TX
  • Agave Homes El Paso Tx
  • Bella Homes El Paso Tx
  • Presidential Homes
  • Palo Verde Homes El Paso Tx
  • El Paso Tx Fort Bliss Monitor
  • East El Paso Real Estate
  • tierra del este el paso real estate
  • highland el paso real estate
  • sunland park el paso real estate
  • franklin hills el paso real estate
  • emory place el paso real estate
  • northeast el paso Tx real estate
  • ventura el paso real estate
  • pinnacle el paso real estate
  • west el paso real estate
Untitled Document

Contact a Lender Today:

(915) 873-8646

 

FHA Home Loan

Basic FHA Requirements For Home Loans

What does it take to be eligible to apply for an FHA home loan? FHA requirements include details about income, credit rating and other factors, but before a loan officer looks at any of that information, an applicant has to meet the basics.

Basic FHA Loan Requirements


According to the official site at HUD.gov, applicants must “…have a valid social security number and have lawful residency in the United States and be of a legal age to sign on a mortgage in your state.” Those basic FHA requirements apply to the applicant and any co-applicants listed on a loan application. While some applicants may have privacy concerns about using a Social Security number on a loan application, providing the number is not optional.

FHA Income Requirements


One of the myths about
FHA requirements for applying for an FHA guaranteed mortgage has to do with income limits. It’s easy to assume there’s a ceiling or maximum income for an FHA loan, but such limits usually apply when seeking down payment assistance or secondary financing to be used alongside the FHA mortgage. FHA Home Loans themselves don’t feature a maximum income limit—applicants cannot be turned down because they make too much money.

FHA Minimum Income Requirements


Another myth about FHA Home Loans is that there is a minimum income requirement. While this is not true, the FHA official site reminds applicants, “…You must prove steady income for at least three years, and demonstrate that you've consistently paid your bills on time.”

Documentation Requirements


FHA Home Loans are based on the applicant’s credit score, debt-to-income ratio and other factors. Determining an FHA loan applicant’s eligibility requires the borrower to submit the following as part of an FHA loan application:

· W-2 and tax return forms from the last two years
· Bank statements
· Debt information including credit cards, auto loans, and any other bills

These FHA requirements help establish eligibility for a home loan. There are many other steps to take when purchasing a home with an FHA guaranteed mortgage, once eligibility is established and the applicant has been approved. 

 


Powered by Create your own unique website with customizable templates.