The federal government has a program of offering guarantees for loans. The easiest type of real estate mortgage loans to qualify for are Federal Housing Administration (FHA) loans. The FHA guidelines for loan qualification are more flexible than other mortgage loans and require only 3% down payments or less.
You must document 2 years of steady employment, preferably with same employer, with the last two years showing the same or increasing income. Your credit report should have less than 2 dings showing 30 day late payments in the past two years. Verrado Buckeye AZ Homes Any bankruptcy must have been discharged at least two years prior, and buyers should have had no credit problems since then. You must have three years of good credit since any foreclosure. Your mortgage payment can only be about 30 percent of your gross income.
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