Qualifying for an FHA Loan:
Credit Score: Minimum credit score requirements apply. Typically, a credit score of 580 or higher is required for a 3.5% down payment, but lower credit scores may be considered with a higher down payment.
Employment History: A stable employment history is typically required, with consistent income over the past two years. Employment may be verified through pay stubs, W-2s, and tax returns.
Property Appraisal: The property must meet certain standards and pass an FHA appraisal, which includes inspections for safety, soundness, and other criteria. The appraisal aims to ensure that the property is suitable for FHA financing.