Question:

What are the general qualifications for an FHA home loan?

Answer:

Even if you have recently experienced bankruptcy (well, at least two years ago) you may still easily qualify for an FHA home loan, if you have maintained a good credit history since then.

All you have to do is show that you have stable track of employment and, most desirably, the last two years of employment are with the same employer; you have no more than two late occurrences on monthly payments for the last two years, and that your new mortgage payments will constitute approximately 30% of your income.

Another important requirement so that you ensure the success of your FHA home loan application is that you provide correctly all the documents needed to roll on the required paperwork. They will include all recent tax returns, bank statements, any other statements for your retirement plan, if applicable, mutual funds, bonds, stocks, etc. Also, information will be required if you are using other credit lines, about your marital status and if you are entitled to pay alimony. Other information may also be required for obtaining an FHA home loan.

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