FHA Loan Requirements
The Federal Housing Administration (FHA) insures mortgages made by FHA-approved lenders to individuals, non-profit, and government agencies assuming they qualify to borrow under the Department of Housing and Urban Development’s (HUD) programs. HUD, however, is not a lender. They do not loan money to borrowers. HUD is only a mortgage insurer.
Basic FHA Loan Requirements
FHA loans are probably the easiest loans for which to qualify. The most basic of requirements necessary to qualify for an FHA mortgage are:
- Have a valid social security number
- Have lawful residency in the United States
- Be of legal age to sign for a mortgage in your state
Typically, FHA mortgage loans do not have a maximum income limit. However, if you are applying for down payment assistance programs or secondary financing programs then the guidelines for those programs may impose a maximum income restriction.
To qualify for an FHA loan, you will simply need sufficient income to be able to make the new mortgage payment and handle your other debts.
Learn more about FHA home affordability guidelines.
Additional FHA Qualifying Guidelines
The FHA insures a variety of home loans – purchase mortgage loans, refinance loans, streamline refinance loans (assuming you already have an FHA mortgage and would like to lower your rates), and more. Each FHA loan program has its own specific requirements.
Consult your FHA-approved mortgage lender for additional loan qualification requirements for your specific FHA loan program.
