Requirements and Guidelines for FHA Home Loan ProgramFHA Home Loan Program insures mortgages made by approved lenders to homebuyers that are approved to participate in HUD's programs. FHA or HUD does not loan money to homebuyers. Basic Eligibility FHA Loan Requirements and FHA Loan Guidelines for financing: 1. FHA home loan program is available only for owner-occupants, not investors. 2. Borrower must have a valid social security number. 3. Owner occupied financing is limited to one primary residence. 4. Must be a lawful residency in the United States and be of legal age to sign a mortgage. Citizenship of the United States is not a FHA requirement. 5. Must qualify for a FHA house loan from a FHA approved lender. The lender will verify income, assets, liabilities, and credit history. 6. FHA home loan program do not typically have maximum income limits for qualifying. The homebuyer does have to have sufficient income to quality for the mortgage payment. 7. FHA loan guidelines do not include minimum credit scores requirements. Past credit history serves as the guide in determining if the borrower will make the loan payments. 8. If you have no credit, FHA will consider documented alternative credit sources such as utilities, child care, furniture rental stores, cell phone bills and cable TV. 9. You may qualify for FHA home loan program after one year out of bankruptcy.
There are FHA loan limit amounts. The National Housing Act provides formulas for HUD to designate maximum mortgage FHA loan limit amounts. These FHA loan limit amounts are determined by the county in which the property is located. It is a FHA requirement that no FHA mortgage can be originated that is in excess of the county limits. You can find the FHA home loan program mortgage amount limit is you area by going to the following web site:
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