Is FHA For You?

FHA mortgages are some of the easiest mortgages to qualify for.  FHA mortgages are very easy to qualify for  because they are the most flexible of all mortgages .  You only need at least 3.5% down payment and this can be in the form of a gift from a family member.   Also, closing costs can be paid by the seller (Seller Paid Closing Costs) and with interest rates slightly better than conventional rates it is easy to see why getting an FHA mortgage is the smart choice. 

Below are some of the basic guidelines required by FHA in order to qualify:

• Two years of steady employment

• Middle credit score of at least 620

• Bankruptcies should be 2 years old and good credit since the discharge

• Foreclosures must be 3 years old with good credit since

• Debt ratios should be no more than 45%

These are just a few of the basic FHA guidelines to qualify for an FHA mortgage.  If you feel you apply to these statements you will probably qualify for an FHA mortgage.