FHA home loans were designed to help Americans fulfill their dream of home ownership and are therefore the easiest type of real estate mortgage loan to qualify for. They require a minimum down payment (3%) and is the most flexible type of home mortgage loan available. A bankruptcy does not keep you from qualifying - on the contrary, it will probably get you into a home faster than waiting 7 years for bad credit to drop off.
THE ESSENTIALS FOR QUALIFYING
• Steady employment history, at least two years with the same employer.
• Consistent or increasing income over the past two years.
• Credit report should be in good standing with less than two thirty day late payments in the past two years.
• Any bankruptcy on record must be at least two years old with good credit for the two consecutive years. (At least 3 credit lines and NEVER late on a payment)
• Any foreclosure must be at least three years old with good credit for the past three years.
• Mortgage payment qualified for must be approximately 30 percent of your total monthly gross income.
• If you can answer YES to these statements you should have no problem qualifying for an FHA home mortgage loan.