What are some of the qualifications?
In accordance with the FHA guidelines, the Bank's general credit policy requirements for underwriting a FHA mortgage involve:
- Considering all forms of the borrower's income required to qualify
- Analyzing the borrower's liabilities to determine depth and stable creditworthiness, as well as
- Reviewing debt-to-income, and compensating factors to ensure they are within HUD Agency guidelines
When assessing an applicant's creditworthiness, the Bank considers:
- All sources of income
- Assets (seasoned)
- Creditworthiness; ability to repay and
- Satisfactory compensating factors
Find out what your FHA mortgage limits are to help you when you shop for a new home.