So what are the FHA home loan requirements? The requirements state that all potential borrowers must have had employment for at least 3 years before loan application. The potential homeowner must have no more than 2 late payments on his or her credit report. And they must be of a certain age.
Now, since the loan only allows for late payments of no more than two times in a two year period, you can apply for FHA loan with bad credit, unfortunately. This may put this loan of reach for those with less than stellar credit, but you can work on improving your credit for a solid two years than apply for the loan.
The easy requirements (not income stipulated etc) allow many people to qualify for this loan right off the bat. Traditional lenders have all sorts of hoops that you must jump through if you want to qualify. But FHA home loans, since they are backed by the government are much easier to get - as long as you meet the FHA home loan requirements.
Ben_K
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