What do FHA loans require for qualifying?
by 
The Curious Bag
ANSWERS: 1
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To qualify for an FHA (Federal Housing Administration) home loan, you will need a steady job, stable income, satisfactory credit over the past two years and an anticipated mortgage payment that is no more than 30 percent of your total monthly gross income.
Employment
You will need to show lenders a steady employment history, preferably at least two years with the same employer.
Income
Your income should be steady or increasing over the past two years.
Bankruptcy
Any bankruptcy listed on your credit report should be at least 2 years old with the re-establishment of good credit for at least two years.
Foreclosures
Any foreclosure on your credit report should be at least 3 years old, with the re-establishment of good credit for at least three years.
Overall Credit
Your credit report should show that you are paying all your bills in a timely fashion, with no more than two 30-day late payments over the past two years.
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