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       Any past bankruptcy must be at least 2 years old and the applicant must have had good credit for at least 2 consecutive years following the bankruptcy.

  • Any history of foreclosure must be at least 3 years old and followed by at least 3 consecutive years of good credit.

  • You must have had a stable income for at least 3 years and proof that you have paid all your bills.

  • You must be able to make a 3.5% down payment, which is considerably lower than conventional mortgage loans .

  • There is a 2.25% closing cost, and monthly payments must be roughly 30% of your income.

  • You can assume a FHA loan from a seller or pass it on to a buyer.

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Any cost associated with the title, including the title search and title insurance for the home.

There are also eligibility requirements for the home. Properties that are eligible for a FHA loan include: single-family homes, 2-4 unit properties, condominiums, double-wide manufactured homes and modular homes. Ineligible homes include (but are not limited to) co-ops, boarding houses, commercial properties , hotels, and private clubs. A home is also ineligible if the seller acquired the house within the past 90 days. For any property over 10 acres, the mortgage loan will be based on the price of the house and the first 10 acres only. Additionally, the property must be used as a primary place of residence.One type of FHA loan that has a couple of other specific guidelines is the 203(k) loan, which is used for buying and remodeling a home. The home must be at least 1-year-old and the rehabilitation of the property must cost less than $5,000.You may also fill out our online FNMA 1003 mortgage application by visiting


A FHA Loan is an excellent option for someone in an urban or rural environment who is considering purchasing a home and would like to make a low down payment. The FHA is fairly lenient with credit, though requirements may vary by state. You can apply even if you have no credit history if you can prove that you have met past financial obligations.