What do you need to qualify for a FHA loan?

Asked by Trulia Atlanta, Atlanta, GA Wed Jan 23, 2013

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15
David Herren, Agent, Atlanta, GA
Wed Jan 23, 2013
Fred Yancey nailed it. Be sure you save money to cover not only the down payment, but new furniture, decorating and incidental repairs. Do not big anything on credit other than your normal purchases until after closing. Your lender will pull your credit report right before closing" and any unusually large purchases could jeopardize York closing.

Best,

Dave Herren
Best Atlanta Properties
404-425-4945
1 vote
Thomas Martin, Mortgage Broker Or Lender, Hollywood, FL
Sun May 21, 2017
http://georgia-mortgage-lenders.com/
GEORGIA FHA MORTGAGE LENDERS MAKE QUALIFYING EASIER BECAUSE:
12 months after a chapter 13 Bankruptcy FHA mortgage Lender approvals!
24 months after a chapter 7 Bankruptcy FHA mortgage Lender approvals!
3 years after a Foreclosure FHA mortgage Lender approvals!
No Credit Score Georgia FHA mortgage Lender approvals!
580 required for 96.5% financing or 3.5% down payment FHA mortgage Lender approvals.
500 required for 90% financing or 10% down payment FHA mortgage Lender approvals.
Bad Credit with minimum 500 FICO credit score with 10% Down Payment FHA. For FHA mortgage applicants with credit scores between 500 and 579 must make down payments of at least 10% down!
0 votes
Thomas Martin, Mortgage Broker Or Lender, Hollywood, FL
Mon Jan 16, 2017
FHA MORTGAGE LENDERS MAKE QUALIFYING EASIER BECAUSE YOU CAN PURCHASE:

12 months after a chapter 13 Bankruptcy FHA mortgage Lender approvals!
24 months after a chapter 7 Bankruptcy FHA mortgage Lender approvals!
3 years after a Foreclosure FHA mortgage Lender approvals!
No Credit Score FHA mortgage Lender approvals!
580 required for 96.5% financing or 3.5% down payment FHA mortgage Lender approvals.
500 required for 90% financing or 10% down payment FHA mortgage Lender approvals.
Bad Credit with minimum 500 FICO credit score with 10% Down Payment FHA. For FHA mortgage applicants with credit scores between 500 and 579 must make down payments of at least 10% down!

http://www.fhamortgageprograms.com/georgia-fha-mortgage-lenders/
0 votes
is this a company you work for?
Flag Wed Jan 18, 2017
Thomas Martin, Mortgage Broker Or Lender, Hollywood, FL
Wed Jan 11, 2017
FHA MORTGAGE LENDERS MAKE QUALIFYING EASIER BECAUSE YOU CAN PURCHASE:

12 months after a chapter 13 Bankruptcy FHA mortgage Lender approvals!
24 months after a chapter 7 Bankruptcy FHA mortgage Lender approvals!
3 years after a Foreclosure FHA mortgage Lender approvals!
No Credit Score FHA mortgage Lender approvals!
580 required for 96.5% financing or 3.5% down payment FHA mortgage Lender approvals.
500 required for 90% financing or 10% down payment FHA mortgage Lender approvals.
Bad Credit with minimum 500 FICO credit score with 10% Down Payment FHA. For FHA mortgage applicants with credit scores between 500 and 579 must make down payments of at least 10% down!

http://www.fhamortgageprograms.com/georgia-fha-mortgage-lenders/
0 votes
Thomas Martin, Mortgage Broker Or Lender, Hollywood, FL
Thu Nov 24, 2016
Cash down payment
Credit- ability willingness to pay debt
Capacity- no more than 50% towards your housing plus all other debts on your credit.
Collateral- fully move in and insurable home.

We provide FHA/VA loans all the way down to a 580 fico. As a licensed real estate broker and mortgage broker over 10 years i can answer any questions you have throughout the process.

US Mortgage Lenders - Thomas Martin
Min FICO 580 FHA/VA Loan Approvals 7 days a week
PH: 954-667-9110
http://www.fhamortgageprograms.com/
0 votes
Snbjjr, Home Buyer, New York, NY
Wed Apr 27, 2016
What if the person is not employed but have income from SSA?
0 votes
Jeri Patrick, Agent, Pooler, GA
Tue May 26, 2015
I would contact a local lender to help with all your questions regarding an FHA loan. Best of luck
0 votes
K.C. Jones, Mortgage Broker Or Lender, Irving, TX
Thu Jan 24, 2013
To qualify for a FHA loan with RH Lending you need a 580+ credit score and 3.5% for down payment.

K.C. Jones
RH Lending
214-432-0486
kjones@rhlending.com
0 votes
Veronika Bar…, Agent, Roswell, GA
Thu Jan 24, 2013
In addition to all the great comments, the future home has to be a primary residence. FHA borrower can't have another active FHA loan on the house in the same area.
0 votes
Ruth and Per…, Agent, Los Gatos, CA
Wed Jan 23, 2013
Besides working with a Loan Agent you can trust, you need:

Two Years of steady employment, preferably with same employer.

Last two years Income should be the same or increasing.

Credit report should typically have less than two thirty day lates in last two years with a minimum credit score of 620 or higher or in some cases no credit score at all.

Bankruptcy's must be at least two years old, with perfect credit since discharge.

Foreclosure's must be at least three years old, with perfect credit since.

Your new mortgage payment should be approximately 30% of your gross (before taxes) income.

Goodluck
Ruth
Web Reference:  http://www.ruthandperry.com
0 votes
Isabel Elses…, Agent, Alpharetta, GA
Wed Jan 23, 2013
You need a good Realtor!
You need a good lender!
Income!
Checking account!
Tax returns!


Isabel Elsesser, Realtor
First United Realty
Save Time & Money!
http://www.isabelsnewhomes.com
http://www.Buford.georgiamls.com
Direct 770-307-8751
Free Buyers Agent!
Over 26 Million SOLD
0 votes
William Pola…, Mortgage Broker Or Lender, Suwanee, GA
Wed Jan 23, 2013
Actually, minimum credit score for a lender can be as low as 580 with 3.5% down. Collections need to be less than $1000. With higher scores around 620, lender specific, minimum down is $100 buying a HUD home. Must be employed for 2 years with no more than a 3 month break. Need minimum 3 lines of credit, each a year old and active within the last 12 months.
You may also qualify for 203k for repairs over $5000.
0 votes
Rob Weber, Mortgage Broker Or Lender, Plainfield, IL
Wed Jan 23, 2013
I can't help but smile at some of the answers I see when Trulia Employees ask questions to see how the community responds (in general, not this thread specifically). :)

This is such a vague question, could we narrow down the focus a bit or are you simply trying to get responses as if someone who knew nothing about Real Estate or Financing came on here and asked the question?
0 votes
Gayle Winkler, Agent, Alpharetta, GA
Wed Jan 23, 2013
Minimum Credit score of 640 and 3.5 % down payment
0 votes
Fred Yancy, Agent, Woodstock, GA
Wed Jan 23, 2013
What You Need for a Mortgage

W-2 forms — or business tax return forms if you're self-employed — for the last two or three years for every person signing the loan.

Copies of at least one pay stub for each person signing the loan.

Account numbers of all your credit cards and the amounts for any outstanding balances.

Copies of two to four months of bank or credit union statements for both checking and savings accounts.

Lender, loan number, and amount owed on other installment loans, such as student loans and car loans.

Addresses where you’ve lived for the last five to seven years, with names of landlords if appropriate.

Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.

Copies of your most recent 401(k) or other retirement account statement.

Documentation to verify additional income, such as child support or a pension.

Copies of personal tax forms for the last two to three years.

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
http://fredyancy.crye-leike.com
0 votes
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