While prequalifying for an FHA loan doesn't necessarily guarantee that you will be able to purchase the home of your dreams, it does help you and potential lenders know your borrowing power and what you can afford.

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FHA.com is a privately owned website, is not a government agency, and does not make loans.

Prequalify for an FHA Loan

Getting Started Before You Find a Home

Prequalify for an FHA Loan

FHA home loans were designed to help Americans fulfill their dream of homeownership and are therefore the easiest type of real estate mortgage loan to for which you can qualify. Among the home loan options available that require a minimal down payment, FHA loans are the most popular. In fact, the FHA loan is the most flexible type of home mortgage loan available.

THE ESSENTIALS

  • Steady employment history, at least two years with the same employer.
  • Consistent or increasing income over the past two years.
  • Credit report should be in good standing with less than two thirty day late payments in the past two years.
  • Any bankruptcy on record must be at least two years old with good credit for the two consecutive years.
  • Any foreclosure must be at least three years old with good credit for the past three years.
  • Mortgage payment qualified for must be approximately 30 percent of your total monthly gross income.
  • If you can answer YES to these statements you should have no problem qualifying for an FHA home mortgage loan.

While prequalifying for a loan doesn't necessarily guarantee that you will be able to purchase the home of your dreams, it does help you and potential lenders know your borrowing power and what you can afford in terms of a monthly mortgage payment. Prequalifying for a loan simply means that you have taken an inventory of your income and assets and submitted them to your potential lender. Based on that information you should be able to qualify for a home mortgage loan.

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FHA Loan Articles and Mortgage News

When Is an Appraisal Required for an FHA Refinance?

July 11, 2024 - Appraisals and home inspections are two separate but very important processes. For the purpose of this article, we focus on the mandatory FHA appraisal process the lender uses to establish the fair market value of the home.

What is an FHA Reverse Mortgage?

July 9, 2024 - The FHA Home Equity Conversion Mortgage (HECM) loan program is an option for qualifying borrowers 62 or older. These loans require no monthly payment and feature a cash out option for the borrower.

Credit Qualifications for FHA Loans

July 8, 2024 - The FHA loan FICO score requirement is easy to understand. If your FICO scores fall between 500 and 579, FHA loan rules say you must pay 10% down, assuming lender standards allow loan approval for those scores.

FHA Fixed Rate Loan or FHA ARM?

July 6, 2024 - The FHA single-family home loan program includes both a fixed-interest rate option and an adjustable-rate home loan (ARM). In a housing market where mortgage rates are higher than they have been in many years, the adjustable-rate FHA loan is an option many consider.

FHA Loans to Buy, Install, or Repair Your Dream Home

July 3, 2024 - Borrowers sometimes assume things about home loan programs that aren’t true. For example, the USDA home loan option requires that the homes purchased with such loans must be in a rural area. But the USDA’s definition of rural is often quite different than you might think.