FHA Pre-Approval RequirementsFHA Pre-Approval Requirements are less stringent than other programs, but you will still have to have a reasonable financial picture in order to qualify. The follow is a list of FHA Pre-Approval Requirements that you can expect when you apply for your FHA Mortgage.
Income: Your income must be stable covering a 2 year history in the same line of work. If you are self-employed or receive commission or bonus income, the FHA Pre-Approval Requirements for income are that the lender will take a 2 year average minus expenses. The income must be enough to support the new mortgage payment, plus your other montly expenses.
Employment History: FHA Pre-Approval Requirements for employment are that you have been employed in the same line of work for at least 2 consecutive years. Exceptions can be made for a person who has just entered the workforce after leaving school or was out for maternity.
Assets: You must have enough verified assets for the down payment and closing costs for your transaction, and some lenders will want to see an extra month or two mortgage payments in the bank after closing. Any deposits into your account that are non-payroll related of more than $500 within 60 days must be verified where they came from. An FHA Gift is allowed from family members.
FHA Down Payment: The down payment requirement is now 3.5% of the sales price. FHA Pre-Approval Requirements call for these funds to come from your accounts or a gift from a family member.
Credit: Generally speaking, your credit score must be above 620. FHA Pre-Approval Requirements call for 3 years to pass after a foreclosure and 2 years after a bankruptcy. You must have a clean rental or mortgage pay history over the past 12 months.
To get started with your FHA Pre-Approval, simply select the scenario that best suits your needs:
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