Qualifying For An FHA Mortgage
The process to qualify for an FHA mortgage is similar to how you might qualify for any other mortgage loan type. After giving a mortgage application to a lender — either by phone, by internet, or by app — you will be asked to provide documentation which supports the information you have provided. This will include providing W-2s, pay stubs, and federal tax returns; as well as bank statements and proof of employment.
You will not need to prove that you are a first-time home buyer in order to use the FHA home loan because the program is available to everyone. However, you will be asked to certify that the home you are purchasing will be your new primary residence within 60 days of your closing. FHA loans are not available for use on second homes, vacation properties, or investment units. FHA loans are for primary residences only.
Once you have made your verifications, your mortgage lender will review your documentation against the FHA’s official minimum standards. Known as the “FHA Guidelines,” these standards determine whether your loan is eligible for FHA mortgage insurance. Loans eligible for FHA mortgage insurance get approved and funded for closing.