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- Borrower must have a lawful residency in the United States. Citizenship is not a FHA requirement.
- Must have a valid social security number
- Must be of legal age to sign a mortgage.
- Only home owner-occupants can apply for FHA home loan program, not investor.
- FHA financing is only limited to one primary residence.
- FHA does not process loan directly. Borrower must apply for a FHA house loan from a FHA approved lender. The lender will verify credit history, liabilities, income, and assets.
- Although FHA does not have minimum income limits for qualifying, borrowers need to have sufficient income to make monthly mortgage payment.
- There are no required minimum credit scores for FHA home loans, but credit history is used as the guide to determining if borrower can repay the loan. For borrower with no credit, FHA will consider other documented credit sources like child care, utility bills, cable TV, and cell phone bills, etc.
- Even if you file a bankruptcy, you can still qualify for FHA loan after one year.
FHA does not limit the loan amounts. The loan amount for borrower is calculated from the formula provided
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