Who Can Qualify for an FHA Mortgage?
If you qualify for a conventional mortgage you will also qualify for an FHA Mortgage; but only if you have a Social Security Number and are legally residing in the US.
- You need a credit score above 500
- Proof of income for the past 6 months
- Proof of current US residence
Not all homes for sale will qualify. There are extra rules around selling and buying FHA approved homes which means not every home you see for sale will be an FHA approved home.
“Who would need to qualify?” and “What properties will qualify?”
Who would need to qualify for an FHA Mortgage? Someone who has poor credit or no money down. Your FHA-approved lender will help you determine if you are a conventional or FHA mortgage candidate.
What Properties Will Qualify For An FHA Mortgage?
There are loan size limits to FHA mortgages that vary from county to county. For example… The FHA loan limit in Maricopa county is $271,050 for a single-family home.
This must be your primary residence.
The sellers must agree to remedy most or all of the defects found during the home inspection. The seller’s real estate agent will be able to tell you if the seller is willing to do this.