FHA Qualifications

FHA loans are great if you have a limited down payment.  They are also great loans for people with less than perfect credit.   If this describes you and your 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.  It does not necessarily need to be the same job over the last 2 years.  Also, if you were a full time student, school transcripts can be used to cover the 2-year period.  Contract Tracy Flesch for details.
  • 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 your bankruptcy was discharged.
  • Those with foreclosures must wait at least 3 years since the most recent foreclosure.
  • You must pay a minimum of a 3.5% down-payment--or have a gift for the down payment.
  • 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 www.northalabamahomeloans.com, as you can see FHA loans can be to qualify for. To learn more contact us or apply online to get the process started.

These materials are not from HUD or FHA and were not approved by HUD or a government agency.

CenterState Bank

415 Meridian St
Huntsville, Alabama 35801

Phone: 256-564-7600

Fax: 866-240-4255

NMLS: 514390

Tracy Flesch

Vice President, Mortgage Loan Originator

Phone: 256-564-7615

NMLS: 684453