Question:

What are the most basic FHA mortgage qualification requirements?

Answer:

FHA mortgage qualification requirements are not difficult to meet. In fact, obtaining a home through an FHA insured home loan is one of the best ways to become a first time homeowner.

FHA Mortgage Qualification Requirements

Steady employment in the same field with the same employer is the most preferred type of employment for an FHA loan. No mater if you worked an entry level job, if your income has been stable or ever increasing, no matter how big, you should be able to cover the FHA mortgage qualification income requirement.

Late payments are an issue with FHA. FHA loans shall require that you have no more than two month late payments for the previous two years to qualify for an FHA mortgage.

Bankruptcies and foreclosures can't be any nearer than two years; and no more than 35% of your income should be dedicated to FHA mortgage payment.

These are the basic FHA mortgage qualification requirements. For exhaustive details most applicable to you, your area and income refer to a local FHA approved lender.

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Common misspellings: mortage and morgage