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 Sierra Pacific Mortgage, as you can see FHA loans can be to qualify for. To learn more contact us or apply online to get the process started.

Peyton Powers

Residential Mortgage Loan Originator
NMLS# 147490

Sierra Pacific Mortgage
2580 St. Rose Pkwy. Suite #230
Henderson, Nevada 89074
Phone: 702-938-7558 | Fax: 702-942-1937

Nationwide Mortgage Licensing System (NMLS) #1788 Nevada Commissioner of Mortgage License #3268 Texas Mortgage Banker Registration, #1788 and 11060-48154
Sierra Pacific Mortgage may not be the lender for all products offered on this website. Some loans may be made by a lender with whom Sierra Pacific has a business relationship | Not Licensed in the state of New York | Main Office: 702-420-2250