FHA Qualifications

Qualifying for a home mortgage loan can be difficult, near impossible without a sizable down payment and a moderate credit report. If this describes you and you financial position, an FHA loan may be for you! There are fewer restrictions for FHA loan qualification in comparison to a standard mortgage loan. Qualifications for an FHA loan are:

  • Proven employment status of at least 2 years.
  • Steady or increasing income over a 2 year period.
  • History of on-time payment. No more than two missed payments on your credit.
  • If you've filed for bankruptcy you must wait at least 2 years and have good credit since you filed.
  • Those with foreclosures must wait at least 3 years since the most recent foreclosure.
  • Monthly mortgage payment should be roughly 30% of your gross income.
  • You must pay a minimum of a 3% down-payment.
  • Agree to 2.25% in closing costs
  • Only certain properties are eligible - single-family homes, condominiums, double-wide manufactured homes, modular homes and 2-4 unit properties.
  • The property must be your primary residence.

These are the basic qualifications for an FHA loan through Click Mortgage, a Division of Golden Bear Capital, Inc, as you can see FHA loans can be to qualify for. To learn more contact us or apply online to get the process started.

10650 Scripps Ranch Blvd. #230 San Diego, CA 92131​ | Phone: 888-440-3001 | Fax: 888-500-5815
Click Mortgage, a Division of Golden Bear Capital, Inc (NMLS# 284021) is licensed by the California Department of Business Oversight (CFL License# 603H185) and the California Bureau of Real Estate (License# 01847011), Nevada Division of Mortgage Lending License# 4043), Utah Division of Real Estate (License# 6332409), Missouri Company Registration (License# 17-2326), Colorado Mortgage Company (License# 284021), Arizona Mortgage Bankers License (License# 0943215), Texas SML (License# 284021)   . 

We are licensed to lend in the following states: CA, CO, NV, UT, AZ, TX, MO, WA | NMLS Consumer Access