To qualify for an FHA mortgage, you must meet specific requirements. These requirements include:

Credit Score

The minimum credit score requirement for an FHA mortgage is 580. However, some lenders may require a higher credit score. If your credit score is below 580, you may still qualify for an FHA loan, but you’ll need to make a more significant down payment.

Employment and Income

You must have a stable employment history and verifiable income to qualify for an FHA mortgage. Lenders typically require at least two years of consistent employment and income.

Debt-to-Income Ratio

Your debt-to-income (DTI) ratio is an essential factor in determining your eligibility for an FHA mortgage. The FHA requires a maximum DTI ratio of 43%. This means your monthly debt payments cannot exceed 43% of your monthly income.

Down Payment

One of the benefits of an FHA mortgage is that the down payment requirement is lower than with traditional mortgages. The minimum down payment for an FHA loan is 3.5% of the purchase price.

Property Requirements

The property you’re purchasing must meet specific requirements to qualify for an FHA mortgage. These requirements include:

• The property must be your primary residence.
• The property must meet the FHA’s minimum property standards, including health and safety requirements.
• The property must be appraised by an FHA-approved appraiser.