What Are the Qualifications for an FHA Loan?

Understanding FHA Loan

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Basic FHA Loan Requirements

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Credit Score and Down Payment

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Property and Debt Guidelines

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Documents You’ll Need

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FHA Loan Help with Alt Financial

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What Are the Qualifications for an FHA Loan?

What Are the Qualifications for an FHA Loan?

Understanding FHA Loan

Understanding FHA Loan

FHA loans help more people buy homes. They are great for first-time buyers and those with low credit. You must meet income, credit, and property rules to qualify. The process is simple and flexible.

FHA loans help more people buy homes. They are great for first-time buyers and those with low credit. You must meet income, credit, and property rules to qualify. The process is simple and flexible.

Basic FHA Loan Requirements

Basic FHA Loan Requirements

Must have steady income and job history

Must have steady income and job history

Need a valid Social Security number

Need a valid Social Security number

Must be a U.S. citizen or legal resident

Must be a U.S. citizen or legal resident

Home must be your primary residence

Home must be your primary residence

Credit Score and Down Payment

Credit Score and Down Payment

Lenders may set stricter limits

Lenders may set stricter limits

Higher scores improve approval chances

Higher scores improve approval chances

500–579 score = 10% down payment

500–579 score = 10% down payment

580+ score = 3.5% down payment

580+ score = 3.5% down payment

Property and Debt Guidelines

Property and Debt Guidelines

Home must meet FHA safety standards

Home must meet FHA safety standards

Must pass an FHA appraisal

Must pass an FHA appraisal

Loan limit varies by county

Loan limit varies by county

DTI ratio should be below 43%

DTI ratio should be below 43%

Documents You’ll Need

Documents You’ll Need

Proof of income (pay stubs, W-2s)

Proof of income (pay stubs, W-2s)

ID and Social Security card for verification

ID and Social Security card for verification

Tax returns from the last two years

Tax returns from the last two years

Bank statements for recent months

Bank statements for recent months

FHA Loan Help with Alt Financial

FHA Loan Help with Alt Financial

At Alt Financial, we make FHA loans easy and quick. Our team helps you with every step. We guide you to meet all requirements and find the best loan. Getting your dream home starts here.

At Alt Financial, we make FHA loans easy and quick. Our team helps you with every step. We guide you to meet all requirements and find the best loan. Getting your dream home starts here.