FHA Lenders Reveal Secret To Affordable Home Financing
How to Qualify for an FHA Loan
Qualifying for an FHA loan involves meeting several key criteria. Applicants must provide proof of steady employment and income, typically for at least two years. Additionally, the property in question must meet certain safety and livability standards, as assessed by an FHA-approved appraiser4.
It's also important to note that FHA loans require mortgage insurance premiums (MIP), which protect the lender in case of default. This includes both an upfront premium, which can be rolled into the loan amount, and an annual premium paid monthly. While this adds to the cost, the insurance enables lenders to offer these loans to riskier borrowers5.