FHA Loan Eligibility Requirements

You may be eligible for a FHA Home Loan!

• The FHA Loan program is open to U.S. citizens, permanent and non-permanent resident aliens, as well as Deferred Action for Childhood Arrivals (DACA) recipients are eligible for FHA loans, 

  Basic Eligibility requirements:

  • The home must be your primary residence
  • You are eligible to work in the U.S. 
  • A Social Security Number is required
  • You meet all other FHA loan requirements

  Keep in mind that eligibility isn’t the same as qualification. You’ll still need to ensure you meet FHA and your lender’s approval standards, even if you’re technically eligible for an FHA loan. 

  Some things that can affect eligibility

  • Credit Score
  • Previous Bankruptcy, ‘Short Sale’ or Foreclosure (there are ‘seasoning’ time requirements for these – ask your FHA the Fairway expert about current guidelines)
  • Work History
  • A Social Security Number is required
  • You meet all other FHA loan requirements

Additional Eligibility Requirements

The FHA Department of Housing and Urban Development (HUD) determines the minimum guidelines that eligible borrowers must meet; lenders may also have additional conditions that must be satisfied.

There are various FHA loan programs including a program (HUD 184) specifically for Tribal members of nationally recognized tribes as well as a ‘Reverse Mortgage’ for certain individuals over the age of 62. Reach out today and our loan experts will help guide you in the right direction!

Income Requirements

 There are no minimum requirements for income, but dependable and reliable income that is sufficient to cover monthly expenses including their new mortgage payment is needed.

How to Apply for a FHA Loan

If you are considering a home loan, you owe it to yourself to find out more about this valuable home loan program to buy or refinance your home. We would love the opportunity to serve you, call us today to setup an appointment so we can answer any questions that you may have. From there your dedicated mortgage professional at Fairway will help you to begin your Home Loan Application. You will need to provide personal information needed to obtain a credit report and submit requested documentation.

Do you have questions about whether you qualify?

Our FHA Home Loan Specialists are available to answer any questions that you might have about the FHA Home Loan Program. Please give us a call at (888) 301-3465 or you can get started online.