These days, qualifying for a home mortgage loan can be near impossible without a decent down payment and a moderate credit score.

If you think you fall under this category, then an FHA loan may be for you! Due to the recent housing market, the Federal Housing Administration has stepped in (like they did in the Great Depression) to help potential homeowners like you realize the dream of homeownership. There are fewer restrictions for FHA loan qualification in comparison to a conventional mortgage loan.

Here is what is basically needed for an FHA loan:

• Proven employment status of at least 2 years.
• History of on-time payment.
• Depending on the type of Bankruptcy filed, you must wait at least 2 years before you apply for an FHA loan.
• DTI of around 45%
• If you've had a foreclosure in the past, you must wait at least 3 years to apply.
• Monthly mortgage payment should be roughly 45% of your gross income.
• You must pay a minimum of a 3.5% down-payment. This can come as a gift as well.
• Only certain properties are eligible - single-family homes, condominiums, and 2-4 unit properties.
• The property must be your primary residence.

These are the basic qualifications for an FHA loan through FHA Loan Houston .com, as you can see FHA loans can be to qualify for. To learn more contact us or apply online to get the process started.