Many people have a dream of owning their own homes. Some of these people feel they will never succeed at this dream. However, with the help of an FHA loan they may well be able to buy a home. These loans are backed through the Federal Housing Administration and are much easier to qualify for than other loans.
There are still things that you are required to meet in order to receive a loan. This program has been created for people who have a tough time meeting the requirements of conventional lenders.
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A loan that you apply through the FHA for is one for which you will not need to have a minimum income to get. However, you will need to show that you have had an income that is steady for the last three years, and you were able to pay bills in a reasonable amount of time.
The ways that an income can come in are through seasonal work, child support, VA benefits, unemployment compensation, retirement pensions, SSI, and several more. There must be a ratio met that proves you will be able to pay for a loan. With only 29% of the money you have coming in going for housing cost, and another 41% allowed going for long-term debt.
For a FHA loan you will need to have a down payment that you can place on a home. This amount needs to be equal to 3% of the purchase cost.
The Federal Housing Administration will also check your credit. However, for a loan through the FHA you don't need great credit. These loans again are made easier to qualify so more people are able to own a home. And people who have not established credit can still get a loan also. As long as the requirements are met there are several people who can now have their dream of owning a home.
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