Fha loan requirements 2023
What are the criterias of an FHA loan?
Have a FICO score of 500 to 579 with 10 percent down, or a FICO score of 580 or higher with 3.5 percent down. Have verifiable employment history for the last two years. Have verifiable income through pay stubs, federal tax returns and bank statements. Use the loan to finance a primary residence. fha loan requirements 2023, how to apply for fha loan, fha loan income requirements, fha loan requirements credit score
FHA Loan Requirements
Lenders will determine if borrowers meet all of the specific requirements in order to qualify for an FHA Loan. Requirements include:
- A property inspection is required to make sure it meets the minimum property standards.
- After closing on the property, the home buyers must live in the residence within 60 days.
- The home needs to be appraised by an FHA-approved appraiser.
- The home must be considered a primary residence for the homeowners.
- The borrower must have a good history of repaying debts.
- The borrower must present proof of steady employment and sufficient income.