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How to qualify for an FHA loan

To be eligible for an FHA loan, borrowers must meet the following lending guidelines:

  • Have a FICO score of 500 to 579 with 10 percent down, or a FICO score of 580 or higher with 3.5 percent down
  • Have verifiable employment history for the last two years
  • Have verifiable income through pay stubs, federal tax returns and bank statements
  • Use the loan to finance a primary residence.
  • Have a front-end debt ratio (monthly mortgage payments) of no more than 46.9 percent of gross monthly income
  • Have a back-end debt ratio (mortgage plus all monthly debt payments) of no more than 56.9 percent of gross monthly income.

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