FHA Loan Qualifications

[Dylan Bednarz]

Hi there,

I am sure this has been covered many times but it is pretty tedious sifting through all the posts to find the right one. I am wondering exactly what the qualifications are when trying to obtain an FHA Loan. I know the minimum down payment is 3.5%, but what is an average interest rate? What is the necessary debt-to-income ratio? How many years of employment do you need to show? What is the seasoning period until I can refinance? How long do I need to live there? Can I get a conventional loan while living there? Can I use a private money or hard money lender while having an FHA Loan? And many more questions.

All information possible, would be fantastic! I have tried to read many articles on FHA loans, but I cannot seem to get a clear cut, all-in-one, in-depth explanation.

I should also probably mention that I my goal is to get an FHA Loan and begin my real estate investing journey.

Thank you!

[Chris Mason]

Originally posted by @Dylan Bednarz:

Hi there,

I am sure this has been covered many times but it is pretty tedious sifting through all the posts to find the right one. I am wondering exactly what the qualifications are when trying to obtain an FHA Loan. I know the minimum down payment is 3.5%, but what is an average interest rate? What is the necessary debt-to-income ratio? How many years of employment do you need to show? What is the seasoning period until I can refinance? How long do I need to live there? Can I get a conventional loan while living there? Can I use a private money or hard money lender while having an FHA Loan? And many more questions.

All information possible, would be fantastic! I have tried to read many articles on FHA loans, but I cannot seem to get a clear cut, all-in-one, in-depth explanation.

I should also probably mention that I my goal is to get an FHA Loan and begin my real estate investing journey.

Thank you!

 The "exact qualifications" can be found here. It's 1009 pages long.

There are no bullet point answers to this far too generic question, or the document above wouldn't be 1009 pages long. This is no different than when someone asks the "exact meaning" of the First Amendment to the US Constitution. There wouldn't need to be lawyers or a Supreme Court if it were that simple. 

The question you should be asking is what are the requirements applicable to your scenario specifically, which will be less than 1009 pages long. Talk to a local lender, or post what specific issue/concern/question you have, since it's not realistic for anyone here to regurgitate 1009 pages in bullet point form. Good luck.