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Minimum Income Requirements For an FHA Loan

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Minimum Income Requirements For an FHA Loan

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  1. Minimum Income Requirements for an FHA Loan There is no minimum income requirement for FHA Loans. However, the lender does verify whether or not the borrower can afford the mortgage for which they are applying. Aside from having steady income for at least three years, the borrower must: Not have any debt past FHA mortgages. associated with Have at least two established credit accounts. Verify the cash gifts that have been utilized toward paying the down payment amount. What Are the Qualifying Sources of Income? Wages Child Support Pension Social Security Alimony Bonus Payments An FHA Loan Is Ideal For: Borrowers with low credit ratings. Borrowers with high debt-to- income ratios. People who have received a gift that they wish to utilize for the down payment. People who cannot afford to pay a high down payment amount. 107 W. Hwy. 190 Copperas Cove, TX 76522 254-542-5100 2201 Trimmier Rd. Killeen, TX 76541 254-680-6158 14641 S. Padre Island Dr., Ste. B Corpus Christi, TX 78418 3106 S. WS Young Dr., Bldg. D, Ste. 402 Killeen, TX 76542 254-953-7000 361-949-4647 10961 Gateway Blvd. West, Ste. 200 El Paso, TX 79935 915-843-2681 1320 N. Zaragoza Rd., Ste. 111 El Paso, TX 79936 915-858-1996 2422 E. Main St. Gatesville, TX 76528 254-248-0029 201 E. Central Texas Expwy., Ste. 1600 Harker Heights, TX 76548 254-680-6155 8426 Fountain Circle San Antonio, TX 78229 210-340-0404 7348 W. Adams Ave., Ste. 200 Temple, TX 76502 254-771-0020 1980 E. Baseline Rd., Ste. 103 Tempe, AZ 85283 480-752-3110 5290 McNutt Rd., Ste. 105 Santa Teresa, NM 88008 575-589-4706 100 W. Central Texas Expwy., Ste. 300 Harker Heights, TX 76548 254-690-3765 www.fcmloans4u.com Image Source: Designed by Freepik

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