FHA Qualifications

Qualifying for a home mortgage loan can be difficult, near impossible without a sizable down payment and a moderate credit report. If this describes you and you financial position, an FHA loan may be for you! There are fewer restrictions for FHA loan qualification in comparison to a standard mortgage loan. Qualifications for an FHA loan are:

  • Proven employment status of at least 2 years.
  • Steady or increasing income over a 2 year period.
  • History of on-time payment. No more than two missed payments on your credit.
  • If you've filed for bankruptcy you must wait at least 2 years and have good credit since you filed.
  • Those with foreclosures must wait at least 3 years since the most recent foreclosure.
  • Monthly mortgage payment should be roughly 30% of your gross income.
  • You must pay a minimum of a 3% down-payment.
  • Agree to 2.25% in closing costs
  • Only certain properties are eligible - single-family homes, condominiums, double-wide manufactured homes, modular homes and 2-4 unit properties.
  • The property must be your primary residence.

These are the basic qualifications for an FHA loan through Hometown Mortgage Corp., as you can see FHA loans can be to qualify for. To learn more contact us or apply online to get the process started.

Hometown Mortgage Corp.

4200 State Hwy 30

Amsterdam,

New York

12010

We write government insured loans including FHA, Reverse for Seniors, USDA(Farmers Home) and VA for veterans.

(518) 527-4647

Hometown Mortgage Corp. (NMLS# 8166) is a Registered Mortgage Broker - NYS Department of Financial Services License A004823.
All loans are arranged thru third party providers.