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    How Do You Qualify for an FHA Mortgage?

    Posted by Kristie Berggren on Dec 17, 2020 10:13:08 AM
    Kristie Berggren

    The mortgage qualification process can be a complex and intimidating one.  Collecting documents, verifying financial information, and more may seem overwhelming.  The type of mortgage that you choose, will dictate the specific requirements and documentation. This is why working with a skilled, experienced, knowledgeable loan officer is so important.  Depending on your financial situation, job status, and other factors, an FHA loan, backed by the Federal Housing Authority, may be the best option for you.  These loans were created by the government to provide affordable mortgages to homebuyers.

    The Federal Housing Administration, FHA, provides insurance or guarantees participating lending institutions against loss from default on qualifying loans. These mortgages can only be issued for single or multi-family homes as a primary residence. 

    Let’s take a closer look at these requirements.  In order to prove that you have steady, adequate income you’ll need to provide pay stubs and tax returns.  Your debt-to-income has a couple of different benchmarks. Typically,  your mortgage payment should not be more than 31% of your gross income.  Furthermore your mortgage payment in addition to your other monthly debt (credit card bills, loan payments, car payments, etc.) should not exceed 43% of your gross income.  Properties must also meet HUD guidelines and be inspected by HUD-approved appraisers, amongst other requirements.


    The most important part of the home buying process is to find the mortgage that works best for you. This is where a trusted loan officer comes in. The expert staff at Standard Mortgage (NMLS#: 44912) is here to help. For over 90 years Standard Mortgage has been helping home buyers and homeowners.