So if you don’t have a perfect credit score or are concerned that you could not afford a mortgage, then an FHA loan may be the right way for you to go. FHA home loans are more affordable and are easier to qualify for (than other types of mortgage,) due to the fact that they are federally insured and all lenders are approved by the Federal Government.
Although FHA home loans are easier to obtain, they do still have certain requirements which you need to be aware of before applying.
- You will need to prove that you have been employed for at least 2 years in the same kind of work and that your salary has stayed the same or has increased over that time.
- You will still need to have available funds to pay the deposit which is usually a minimum of 3.5% of the total purchase price of the property.
- Make sure that you make an appointment with a local FHA-approved mortgage broker – not all brokers can offer an FHA house loan.