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What Are FHA Home Loan Requirements? | FHA First Time Home Buyer Requirements



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hello this is ed Macias here with lender

funnel and one of the questions we were

recently asked that lender funnel is

what are the FHA loan requirements and

this is somebody who was ready to move

forward they're ready to finance the

home of their dreams and they were just

wondering what do I need so let's answer

that question when you're purchasing an

f8 or when you're getting a FHA home

loan the following things are required

by FHA number one is you have to have a

job ok now can I be self-employed

absolutely so whether you're

self-employed or whether you're what

they call a wage earner working for a

company you're going to need the

following proof of two years worth of

income so if you're a wage earner that

basically means w-2s for the last two

years so right now the lenders would be

requiring 2014 and 2013 w-2s from your

previous employer and now requirements

regarding employment today where am i

working of course are also needed so

even if you switch jobs and you're

currently working for a different

employer as long as we have a two-year

work history that is more than enough to

still get you alone with FHA so how do

we prove that we'll quite simple the

last 30 days of pay stubs the lender

does a verification of employment with

your employer and voila your your your

employment has been verified and that

that hurdle has been been crossed hurdle

number 2 is credit right so you have

employment and now credit now with FHA

credit is actually not very difficult to

to get through or to qualify for they

actually for first-time homebuyers with

a 3.5% down payment they only they only

request a 580 credit score now not all

lenders will

do those loans but here at lender funnel

we have many lenders that will go down

to a 3.5% down payment for an FHA loan

now something very important to consider

with your down payment is it actually

doesn't have to be even your down

payment down payments can actually be

gifted by family members by a brother a

father a mother you know as long as

somebody can can show on paper that they

had the ability to give you that gift

that's something that we can use with an

FHA loan as well so last thing is is

basically that the third thing we just

covered was actually downpayment so

those are the three main requirements

when you're getting a home loan is being

able to provide the w-2s

your pay stubs copy of bank statements

to show where the down payment is coming

from or a gift letter from a family

member if that money is being gifted to

you so it's not very difficult

oftentimes people think that it's harder

to get a home loan than what it really

is but when you have a professional at

your side that can answer all of your

questions and give you all of the

details making the choice is basically

up to you so again thank you for joining

us today here with lender funnel again

if you have any more questions if you

have any more details that were not

covered here right now feel free to join

us at lender funnel com or call us in

and a friendly mortgage concierge can

answer all of your questions in detail

you